Kevin writes (28 August 2018)
A less extreme case is where the property is uninhabitable and repair would be uneconomic, but the land itself is valuable. Parts of Detroit come to mind as Dean has suggested here. You could then say that the net rental proceeds were negative for the current property, but this situation would not last. In this case, the property would be sold off and demolished, and the site redeveloped. A positive rental stream would then eventually be restored.
True, and the picture above (Charleston St, Detroit) illustrates this nicely. Many of the derelict streets in Detroit still look like the picture on the left. Houses abandoned or burned out, gardens reverting to the wild. But some parts have regenerated, getting new life by arising from the ashes of the old life, like the Phoenix. See the right hand part of the street in 2013.
The new houses will sell for a price greater than zero.