Yes, in some cases, homes are selling for this price range. If you or family members have extensive construction experience and can perform all or most of the work to bring them up to code and get a certificate of occupancy then that would be an option to get a deal on a home.
Keep in mind, there may be competition for some of the better homes and these will not go for this much of a discount.
Also, you need to do your homework to verify what, if any, profit you can make on the sale or rental of the property. There were two waterfront homes in my sub purchased by investors that ultimately went back to the bank. One because of a structural problem and one because after repairs it could not be rented at a profitable value.
Not all deals are really deals.
Have a great day!]
2009 President, Western Michigan Chapter
Women's Council of Realtors