Indianapolis - Bates Hendricks Neighborhood

[Makenzie Kelly]

Hey Indy experts.  I have a potential "Rehab Special" that I am looking at putting under contract in the Bates Hendricks neighborhood.  As a new and out-of-state investor and I don't think I want to make my first investment a rehab quite yet.  

 The house is a little bungalow and in need of A LOT of work.  800 Sq feet, 2br/1Ba, will need foundation work and joist work etc.  What might one expect to pay for a total shack like this in a good neighborhood, where maybe the value is only the land?

Thanks in advance for any thoughts!

Thanks!