Other strategies have worked to gentrify depressed neighborhoods, like attracting bohemians or entrepreneurs with lower rents and tax relief, based on a strict qualification process.
But on the inside, brittle plaster walls (hard to hang anything), lead paint covered by about 1/4 inch of repeated repainting, finicky radiant heating, sparse electrical outlets usually ungrounded, 100 year old plumbing, literally zero central air or proper ventilation anywhere (= upper levels are a sauna… look for a single HVAC grate anywhere), legacy window and door hardware that can’t be replaced… the list goes on. Every improvement project risks disrupting decades of toxic building materials and carefully grandfathered code violations.
In the UK houses of that type are the standard and renovated all the time.
But say, 10 acres of land, with utility access/hookups? I may really consider it. By offering free land, with requirement that you build a stick house and live in it, you can ensure whoever is moving there has funds to build a house.