[chrismorse]

With a house that has been neglected for so long, you are likely to find plumbing/electrical/"termite/ rot issues". There are so many "surfaces" that are likely to need freshening that you at least ought to double or triple the $50K cost after adding the above mentioned carrying costs, commissions, utilities and an allowance for ugly surprises.
I have been a contractor for 25 years and seen a lot of nasty surprises, so you really, really need to do the due diligence on this with a good pest inspector and if you are not an experienced fix it guy, hire a good one to do some "real numbers".
Be carefull, let some other investor drink the cool aid.

I have done several million dollars in bug repairs, over the years and very seldom has this increased the value of the property. It is money down the toilet from a prior owners neglect.

Having said that, I own three rentals, manage 8 for my inlaws and do repairs for about 12 units for friends.

Good luck,
chris