Current use status means the property is taxed at a lower rate based on its "current use" not its potential value. In this case I would speculate its taxed as unmanaged forest land, versus as a house lot. The rules are to get current use status there can be no improvements on the acreage. Taxes on a house or camp would be higher based on the structure on the property and what the lot would be worth as a house lot. House lots rarely sell in Randolph but my guess is it would be in the 50K minimum range (the lot doesn't have a view) plus the value of the structure. I did a quick look and Randolph's tax rate looks to be around $17/1000 so the regular property tax might be $850 a year for the land and some value for the structure. Lets use 20K for the structure which is maybe the value of a garage so that is another $340 or maybe $1,190 a year. So anyone buying it gets some immediate savings on property tax by being in current use. The trade off with current use is if you take a portion of a lot out of current use the owner needs to pay a penalty equal to 10 percent of the value of the parcel being taken out of current use. In this case a portion of the lot with the building on it in theory is already is out of current use so no penalty is needed to rehab the structure or do work on the area outside of current use. This means that 10 acres are always going to be taxed at current use (until its developed) while the 1 acre gets normal property taxes. I think Randolph has a 3 acre minimum for a new subdivided lot so compared to a new subdivided lot, the Base Camp lot should in theory always have this property tax advantage unless someone wants to expand out side of the acre.
If someone wants to buy it and subdivide it into 3 lots it would require a minor subdivision in front of the planning board and a zoning variance due to a need for a shared driveway and state regulations on curb cuts on major highways. They then would need to pay a 10% penalty for taking the remaining acreage out of current use and the land would be taxed at the regular rates.
So if someone is looking for a investment and place to stay in Randolph, this may be an option if the building is salvageable. Factor in the potential for a possible minor subdivision in the future. Generally people pay a premium for lots abutting the national forest which is another plus. Lowes Path is probably a plus but the Presidential Range trail (former Boston and Maine railroad right of way) is a mixed blessing, its a major snowmachine route in winter which is plus to some and big minus to others. This trail is open for non motorized use in the non snow season (no ATVs). The other aspect is RT 2 is loud (Raven from VFTT has similar lot so he may be able to comment) and the location is on the fringes of what is generally regarded as the desirable part of Randolph. If it was on Durand road east of Lowe's Store or Randolph Hill Road it would have snapped up the day it hit the market. What happens somewhat frequently is that people buy a less than desirable place just to get a place in Randolph and start participating in town and RMC activities, they eventually hear about a more desirable place soon to be on the market and end up buying it through private sale and then putting their original place up for sale usually with some improvements. Much of the older housing stock in Randolph were originally summer camps built on boulders and posts, people over the years have turned them into year round homes but they usually require ongoing repairs to keep them stable. If the Basecamp is built on a foundation that is major plus compared to many of the older homes in town. BTW, the prior use is not grandfathered and anyone wanting to reopen it as an Inn would effectively have to start from scratch to get a new inn approved.
The other option is discuss what was proposed with the forest service at one point to sell a portion of the lot to the WMNF to build a parking lot for Lowes path.
My guess is it probably will need a new septic system given its age and past use, it probably has a cess pool and possibly a drilled well. All bets are off on the interior, given its age and that it was abandoned for 25 plus years, my guess is new electrical service, new plumbing and heating. There have been a couple of "wrecks" of camps for sale in town in the last 4 or five years and they usually sell quickly as the entry price is low. Randolph has a small but steady market of people wanting to buy in.