It depends on what it needs and what the marketplace expects as far as quality of property.Personally if the place is empty when I get it Like to rehab to a nice level for two reasons.

Given the location, stability, and level of care taken by the rehabbed, it still seems like a beneficial option.

It's contacts developed over time, expertise, time invested and at least some level of dedication to you. 

My personal feeling is that it's a lot of risk, and you should focus all of your energy on your core business, not real estate.

Please note we are located in Pennsylvania, though this issue is at a federal level.  

It's risky to waive contingencies, but depending upon your tolerance level for risk, you could think about waiving some.

Borrowers are also more challenging to deal with, and if there are violations from the county on the property these get passed to you (which you can try and collect from the borrower but if they walk they stick to the property which ends up being paid by you).Every person has a varying level of experience and risk so no one fits into a one size fits all, but people should be aware of the risks they are engaging in when investing in certain asset classes. 

If you are able to determine the real ARV and rehab costs, can know the neighborhood and what your comfort level is, then I would jump on it.

I link the above image with the caution, there's risks to using data at such a high level.

Everyone has to evaluate their own situation and the level of risk they're willing to take.