Not a pro ... but as someone living in home that probably should be labeled a fixer upper, I know why it is still that. Co$t.

Someone I know inherited a fixer upper and began fixing it, removing parts of the home that needed to be replaced, only to find out a lot more was wrong with it than originally anticipated. Now, parts of it ripped out, he cannot sell it for even what he might have gotten the day he inherited it and likely will not be able to sell it until it is fully remodeled even while insurance and tax still must be paid and the yard must still be maintained. He hasn't been able to afford to finish remodeling it without going into debt, creating a lien on the property or increasing the size of his own home mortgage.

Know how great is the task you are taking on, have a good idea the actual cost of the task and how you are going to pay for it, especially if local codes require you adhere to new standards when you start repairs and replacement of things such as stairs.

If the property alone with the house removed would not enable you to recoup most of the investment were you to find the frame of the house and/or its roof mostly rotted, perhaps you should seriously rethink the risk.

If you do take on the task, consider Habitat for Humanity for both buying replacement items and and donating removed items as you do the remodel ... and post pics let us know how it is going.

Good luck.