I agree that you could go down to the court house steps on Auction day and bid on something at about $50,000 --- that would make your monthly total payment about $500/mo (including taxes and insurance.) A house in that price range would almost definitely be in a BAD part of town.
On the other hand, there ARE cheap condos in that price range --- even in decent locations. Email if you want to further discuss it! homes@HoustonInnerLoop.com
Me too let me know where you find them! I'm assuming the only way you are going to find something like that is a tax forclosure at the county courthouse, but rarely do you see anything that cheap here. If someone else has any insight please chime in here.