Alex- I would interpret your question as how do I make this place stable. And what does it need immediately and what can be factored in, in phases. I believe the question, what does it need to make it livable , is a valid question though. Sellers have to list known problems or recent repairs in a disclosure and you start with that and have your building inspector verify how much more. Short answer is it depends on the place. i think JL and MB sought a place that wouldn't kill you in the first phase and found it. Their good counsel as well as JN would be key in an acquisition process in this neighborhood. I think it would be livable once stabilized. Looks like a nice place to live to me.