I don't necessarily think its a thing of the past but I do think it takes careful consideration of all factors in order to make it profitable and worthwhile. Cost of the home vs. the repairs and/or renovations needed and the estimated value of what it would be worth once renovated/updated is a huge factor. If you can't make a profit, there's no value in house flipping. With the value of homes down in many areas, I've seen a handful of homes that can really turn around a profit for an investor. You need to know the area and the market well before flipping a home. If you are not familiar with the area and homes for sale, you need to make sure you have a local real estate agent who is and does know the market well.