You'll need to check out just how much stuff is out there on the domain. While the domain may be older, the last thing you'd want is a bunch of forum postings saying how bad something is. Reputation will hang around, so check it on the engines.
It's just like taking over a regular business on the strip. If there's been a lot of talk about how dirty it is, how bad the food is, how rude management is and all the other negative things - why buy it and try to turn it. It might be better to buy something nextdoor, put a new name on it and compete and put the other guy out of business.
Hostile takeovers are my favorite business plans
When executed right, you can make out like a bandit!