Especially if there is an opportunity for tax incentives IE. with energy efficient furnaces, et al.

One just burned down... 

What's the smell supposedly like, specifically, is it a burning oil kind of smell?

@Amit ChaudhariLooking at those numbers, you might be missing some key things: management expense, energy, water, sewer, garbage, and fix up costs.You mention a couple of things that set off my spidey sense:"College town", "number of rooms"...

@Taylor Burns Hello Taylor, did you already search the BP, FB and meetup?  

Carpet is a tough one a lot of times unless its just burned or something.

If the building is potentially worth a lot once all fixed up, your purchase price is a small fraction of that and you have the rehab budget as well as the time and energy to take on a major project, then ask for the appropriate price reduction and if seller agrees go for it.

I assume the best about all people, but have learned through getting burned that money exposes the ugliest part of people.

unless you have money to burn, you only tear it down if you HAVE TO...such as there's extensive structural damage, roof totally gone and gutting isn't enough. you got some serious due diligence to do so get to running them numbers.  

I'm actually the queen of thrift store/Craigslist/World Market STR staging, so I could probably throw it together if I get the energy.