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Supposing that an investor purchased the property – to make the best of the situation I would recommend having a 'space clearing' and a Traditional Feng Shui consultation by a qualified practitioner. The results of the consultation can help to determine the best course of action to improve energy in the property eg. re-development, renovation or remedies. This may be documented and presented to tenants to show that the owner has made an effort to improve the situation.
"Space clearing" can be carried out to help clear unfavourable energy from previous occupants, however this may not always be effective. Personally I would keep away from properties where serious crimes or tragedies have occurred, as this is likely to be reflected by the house having challenging Feng Shui. If you were serious about buying a property like this I would advise talking to a Traditional Feng Shui consultant before making the investment.