Is there a diamond in the rough in this property?

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Hello BP Community!

I need help to defining whether the following scenario makes sense from an investment perspective.

While visiting family in South Florida, I found this condominium with 20 units, all vacant and with use code of "Condominium Not Suitable For Occupancy" (they need a whole lot of work on them). The units have tax certificates up for sale (they also have tax certificates owned by third parties from previous years), all of them are in this state.

My question is: Would it be possible to buy all the tax certificates, and then (when allowed by local laws) try and redeem all the units, do the repairs and convert the whole thing into an apartment building?

Thank you in advance!