I say take a ride over to this coast and take a look at the property. What one person finds "not their favorite neighborhood", another finds "quaint". This is one area that I learned a long time ago that it's all in the eyes of the beholder. If you'd like to take a look, I'd be happy to show it to you, just call to be sure I'm available when you want to come over.
The neighborhood can be viewed on google maps (just to give you an idea of the area) and you can check crime stats here http://www.sheriffleefl.org/main/index.php?r=crimeActivity/index
The home has been listed since December, which is a long time for a foreclosure sale. I have not physically seen the home. It is also wood frame construction. In Florida, that type of construction is not as desirable as concrete block.
If you want to see the property when you are in town let me know.