Wholesaling a teardown?

[Michael Pruitt]

Hi all! 

I'm hoping to get some thoughts on a prospect property I'm investigating to potentially wholesale. I should start off by saying that I'm very very new to REI. I've read quite a bit, but if I were to move forward here, this would be my first deal.

The property is a single family home, well over 2,000 Sq. ft. in middle class neighborhood. I've done some research on the property, and by putting a few puzzle pieces together, I've been able to gauge that the property owners have inherited the property, and by the looks of their judicial involvement - have largely abandoned the property completely. It also appears that there is a lien on the house. 

The house itself, though once clearly desirable and prestigious, is completely dilapidated. The windows are boarded. Warning notices regarding the property condition are plastered all over the window boards. From the outside it was obvious that it needed a new roof, some chimney work, new siding, potentially basement work; I mean, the damn thing probably needs to be knocked down. 

Because of the area and general neglect by the owners -- it'd seem that there could be a good deal here. The land was valued at over 40k, and the houses around the area sell anywhere between 220k and 350k. 

Any experienced investors or wholesalers have any thoughts on this? Is it worth pursuing from what has been described? Based on insider knowledge, would it appear that perhaps I'm wasting my time? And if not, who would this property best be marketed to? 

I look forward to learning from those with experience and insightful thoughts. Thanks for taking the time to share your knowledge.