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Rundown Queen Village Row Just Lopped $200K Off Ask

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This Queen Village row is now asking $675K: it's a dump, but it's a dump with the potential to make lots of money for someone who rehabs it just right. Did the price chop go far enough? The pictures show a need for serious work.

The listing copy says that the place has the potential to be divided up into three apartments, but that all systems need replacement. It's clear from the pictures that everything about the interior would need to be redone. While rents in that area can be pretty high, the work required to begin collecting those rents would require tons of time and money. Dropping the asking price by more than 20% was a good first step, but did it go far enough?
Poll results

· 517 Fitzwater Street [Trulia]