Yes! I guess it's ok if you don't mind living in a neighborhood with no neighbors (or very few, including homeless squatters) and no city services like garbage pickup, etc. Vast areas of the city are just abandoned. Those "hoods" need to be leveled. They are in the process of asking people to move out of neighborhoods like that (and compensating them to move) so they can start that process.
or maybe you could buy the house and become a slumlord. lol