I guess if you're going to sell it over or rent it out it might be worth it but having a house that badly damaged might cost you more in the end because it can get very cold in New York!
International Level: New Activist / Political Participation: 17 1.7%
The reason he can get a house for $1 is because it costs more than its worth. Renovation costs can sometimes be more than building from the foundation up. In this case he would also have to pay to tear it down before he could do anything.
International Level: Junior Politician / Political Participation: 100 10%
If its not a first time purchase then I'd go for it if the taxes aren't high. You do not want to lose first time home owner rates on a $1 property but if you have nothing to lose then go for it.
International Level: New Activist / Political Participation: 14 1.4%
Let's not forget that there is probably a very good reason why the property is being sold for less than a value meal. Maybe there are horror stories there and the place is a target for nothing positive. Title searches is not enough, you would literally have to camp out there to see what happens in a typical day.
International Level: New Activist / Political Participation: 23 2.3%