Daniel, unless you want a flooded home to fix up, chance is very slim. I did, however, help a Buyer purchase a 4 BR / 2 BA single family home in 37221 for $144k. It was NOT flooded, just needed a little TLC. It was a great buy.
I guess the answer to this question is how much work do you want to do? Is it a cash purchase or would you require special financing? In my market yes, but it would most likely be a bank owned or HUD home!