The Estate Agent selling this is looking for £75,000 and at that price it really doesn't make sense as an investment, given the additional spend required to refurbish it throughout and given better nearby properties have recently sold for less...but if you could negotiate a reasonable discount then it could be worth a look...
The three most recent sales on this street (all in 2014) were for £65,000, £75,000 and £80,000 and all were in better condition than this one - I'd say you should aim for £65,000 and budget on a further £10 - £15k for improvements to bring it to a lettable standard
Based on a total investment of £80k and £495pcm rent it will return 7.4% Gross Yield and you'll have added some capital growth from the off
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