Short sale 3 Family thoughts on purchase

[Henry R.]

Hello BP

I took a look at this propery last week, asking price from the bank is 24.9K. It looks to me like it could have been a single family at one time, turned into a 3 unit. There are 3 electric meters on the side of the house. One furnace. Building needs a full rehab, even though one person is living in it. This is a C neighborhood.

Building has leaking pipes in the basement, built in 1910, all 1 bed rooms, 1 bath, old style windows, no insulation, needs new roof, 3 furnaces and the list goes on. I brought a person I know with me who does handy man work for a living and his thought were 50-60k to rehab. Avg sale price for comps is 49k with a high of 90k and this from only 4 homes ( on one website).
Taxes est at 6k, plus bank I deal with does not do contstruction loans on non owner occupied.
Rent would be in the 600-650 range.

Hope that's enough info, I will likely pass on it.
Thoughts so far?

Thanks to all.