It needs to be torn down and rebuilt. It's not a large plot. It doesn't seem to be in an attractive location. For all we know the water is undrinkable. I suspect its true value is negative.
Heh, some landowner near me owned a piece of contaminated property. Technically worthless but was getting some lease money for a shop on the property. I think their game plan was for the city to grow and it being valuable to excavate one day for a condo or other building. Soil remediation is a lot cheaper when you dig anyway.
Transit agency tried to expropriate for a train station at market value: ie $0.
Sure, maybe - but just because 123,000 is cheap doesn't mean it's OK to make your headline "You can buy a house from the government for $3,000" if the reality is that it's 40x as expensive and you don't actually get a house, you get a demolition project you have to complete in order to use the land.
It needs to be torn down and rebuilt. It's not a large plot. It doesn't seem to be in an attractive location. For all we know the water is undrinkable. I suspect its true value is negative.