You have to assess the cost of repair first with your capital outlay versus the upside profit potential of the property.If the capital risk is high for a lower to medium profit then you might want to JV to diversify.   

I always recommend people get a PCAD (post compliance assessment determination) done by a licensed inspector at every tenant turnover or every 5 years, whichever comes first.

All that being said, it's a quality chunk of land that's assessed at around $30k.

If you plug the numbers into the BP calculators, you can assess the detail more thoroughly. 

You'd be better off studying their financials, reserve study and find out what work they've done over the years (roof, exterior, elevator) those are big ticket items and with a lack of reserve funds could be a special assessment for you. 

You'll likely have to do/get a site survey, submit that to the builidng dept/TRPA and then wait for them to do a site assessment.  

The court could have used the assessed value, etc.

Home was recently assessed for $170K and comps in the area above the going price.  

For taxes, you are assessed capital gains tax against a percentage of the principal payments made by the borrower, with that percentage determined by your gain vs your basis.

High-level assessment is that we are probably at the bottom of our market right now.