Here's a little dirty secret: the exit strategy is at least as important--actually more important IMHO--than the location.
is the property adress.
each unit 2 bedroom 1 bath
propertys in descent shape.
heres the URL
Many buyers make the mistake of seeking value in a location that is a seriously declining area. Simply stated, if there are many home priced in the very low range, it's likely that these home values will continue to be at the lower level.
With that said, good opportunities represent more than a great price and buyers like yourself should be concerned with future value.
It has often been said that best opportunities are seen as the "least desirable home located in great neighborhood."
Remember the three most important features when considering purchasing a home:
LOCATION, LOCATION, LOCATION...........
They will fix up the property and try to increase the rents. Sooner or later they will attract a renter. If crime is high in the area and the renters don't feel safe. They will leave. The only renters they can get in the area is the ones that trash your place.
The new invester will not be able to keep renters, rent the home and it will be difficult to sell since it is usually a high crime neighborhood.
My old boss, an experiences real estate investor and a real estate appraiser for 20 years, tried this with a very larger apartment complex. It didn't work and he lost thousands of dollars and decided it wasn't a good idea throwing good money after bad. Don't do it.
Homestead realty Inc
As just stated by Alan location is key! But to dig deeper into what you are looking for is this for yourself? A rental? "Cheap" areas are usually less than desirable neighborhoods....higher crime, more rentals than owners. If you are ok living in a neighborhood like that and are just looking for a low purchase price than so be it but looking longer term your property will not appreciate like it would in a more desirable neighborhood.
On the flip side with the current foreclosure situation there are opportunities to purchase a cheap home in a nicer neighborhood. The home would most likely need work but your sweat equity and improvements would pay off faster than they would in a not so desirable neighborhood.
To fully answer your question more information is needed as to what are your needs and wants and ultimately longer term goal with this purchase.
Please feel free to contact me anytime.