Property on Mc Commas

We went to look at a 22 unit property advertised as a "redevelopment opportunity." Boy, was it ever! A dump of a place needing renovations galore- a dream "slum lord" opportunity is what I'd call it. His asking price is way too high for what would even cover debt service, and DCAD lists it as about half of what the owner is asking. A cursory look at the numbers reveals that the property could be a viable option IF we could buy at about half the price and just hold it as it is, only doing necessary repairs as they come up. Fortunately, the tenants seem stable - only 1 vacancy because rents are so low, and of the three buildings, one of them is mostly made up of older people who have been living there for a long time. Once the market for construction loans back, it could be a good redevelopment opportunity. Directly across the street are some beautiful "French Riviera" type condos that have been built, increasing the likelihood of something positive happening with the units on the other side in the future. The land is worth about 3 times what the buildings themselves are worth on DCAD.