You have already been told most of the draw backs of FSBO's and Foreclosures.
Condition can range from one end of the spectrum to the other. Most FSBO's are in excellent condition, some are not., Most Foreclosures have been trashed, some have not.
I don't know about Fl. but in Texas as a Buyers Rep. it is my duty to approach FSBO's for you if they fall with in your search citerier.
I don't know about the rest of Houston.but here in Montgomery County there are foreclosures in Bentwater, Walden, April Sound , Downtown, Magnolia, The Woodlands - some VERRRY desirable areas.
Just get yourself a good agent, tell them what you want and how much you want or don't want to spend and go house shopping.