Debilitated house lot value vs Empty lot value

[Meggen Morrison]

Does an empty lot have more value to a potential investor vs a property with a debilitated house on it? (Seems rhetorical to ask)

Thoughts are that the debilitated house is considered a liability and the empty lot is considered an asset. If you can buy low and demo the house cost affordably, then you can relist higher for a quick profit.

How do you go about finding the empty lot value vs the current property value?

Thanks in advance!