As someone who has lived on the West Coast in some greater or lesser degree of urban pressure for most of my life, this checks out. If I were looking for a house and could even imagine having that kind of scratch, I'd probably consider buying it. Sure, the house needs either extensive repair or replacement, but it's still probably cheaper than most options for purchase, even after fixing/replacing. Although if it is a multiresident lot, it probably isn't worth it, since you'd have to rebuild with a much more expensive building. And then you'd have to either flip it or become a professional leech.