On the whole, though I haven't done any yet, I just have a gut feeling that a vacant property whose owner has to be hunted down via skip trace would be a great lead -- especially if they're in tax default. 

But like everyone says, this is a clear case and your instincts are correct.

We go back and forth on:  A) Moving to FloridaB) Buying a place near the beach to rent out and within 2-3 years spend summers there and rent it out the rest of the year (my parents did something similar).C) Renting our house in Kentucky and moving to FloridaWe have equity in our house ~$30k, just need the guts to pull the trigger.  

We completely gutted the first floor and reworked the whole floorplan while not having to do to much to the 2nd level.  

And sometimes you have to just go with your gut instincts .  

It will need to be completely gutted and re-done...but lucky for me the kitchen is only about 150sf. 

We will gut and completely rehab units (industrial modern style), including new plumbing, so I expect maintenance will be minimal. 

Anyways, the house has a great layout, good stats in terms of SF/Beds/Baths, but the entire kitchen and adjacent rooms (or portions of them at least) would need to be gutted due to water damage and mold issues.  

This house would rent for about 600-700 after a gut rehab.  

I deal in developement land, gas rights, high end houses, as well as section 8 properties and total gut jobs.