Ok I need some Memba Help!

I'm considering cash-buying a 2 bedroom 2 bath condo in the historic El Cortez building in San Diego (State Historic Icon)

http://www.elc.cc/

and the problem:

http://www.elcortez.info/

Purchase Price: 220k, 2 bedroom 2 bath condo, (WAY under the 750k it went for in 2004 when they we're converted)

Issues: Needs new kitchen, carpet, paint

Building Issues: No HOA Money, they are in ligitation with the developer since 2006, so the HOA is broke, so it must be a cash pay (No Home Loan Lenders will loan), I'm worried because even thou it's 400k under normal asking price, it's a cash-pay, so that is the reason, but My worry? It's a 1920's building, and a broker, HOA, what is going to happen if something breaks?

Is it worth it?

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