@Devin JankeI'd say yes still worth it but my bet is your issue really is your debt is not high enough. 

The realtor that has listed it is telling me that it is assumed all settlements are assumed to have completed and I would need to chase the PM and tenant separately to recover the cost.

All the experts I listen to are saying take on as much debt as possible to hedge inflation (fixed debt).

Take on fixed debt while it's cheap and build as many income sources as you can.  

Even if you never collect, you have a tax write off (bad debt) from that shinny piece of paper.. 

I'm not an expert in this area but if the property has $60K in back taxes, it might be worth reaching out to the town to see if there is a way to buy the tax debt.

For example, if you want be financially sound, it's better to focus on the concept of an overflowing bank account than to focus on "getting out of debt."

Over time you get the benefit of inflation/ appreciation and you get the benefit of debt pay down.

Another way to use good debt to increase your cashflow. 

Meaning that they will agree to do the early work with the understanding that if you go forward with the project, they will get paid if for the spec and forward work if and when there is capital (debt or equity) to pay for the spec and forward work.Even if you can’t get either of the parties to spec the work the time and cost to do the early work is short and comparatively modest.