This sounds like a great deal, especially if you're in an area that's going to get some growth, honestly even more if it's not and you still like the area. I just bought a house twice the size that needs the same amount of repairs and cost almost 7x as much. I'm making 10k per month in appreciation, in addition to value from the repairs I'm doing. If you can afford it you can either tear it down or build it up, but if the land is desirable at all then could likely get everything you invest back out of it, plus a bunch.

Unless your town is dying or you can't afford it, getting property that doesn't suck, that cheap with a livable home seems like a good buy. The world is only getting more packed, land is over of the only resources we can never make more of once it's gone. Get into the market, your upside potential is nuts on an $80k property