The answer depends upon your exit strategy (ie what you intend to do with that property).
Now is a great time to purchase investment real-estate to flip or rent. Any property can be be a good or bad investment at any price. I know that sounds counterintuitive, and I'll elaborate. Let's say you acquire a house for free. Sounds like a a great deal so far, right? What if that property requires $60K in rehab costs, will take 3 months to do the work, and will take 3-6 months to sell? You'll need to make sure you have access to enough capitol to rehab, hold, and market that property until it sells. What if your holding and marketing costs total $20K? Basically, you'd earn money if you could sell that property for more than $80K, and you'd lose money otherwise otherwise.
Technically, although you'd break even (on paper) if you were to sell the property for $80K, you'd still lose money--because you worked for free.
Also, consider the time value of money. Would you prefer to A) wait another 3 months to save another $15K, or B) purchase that property now and earn $500-$1000 per month (after debt service and pre-tax)? Personally, I'd prefer to get that house now, and have that extra $1.5K-$3K in 3 months. Afterwards, I could take a third of that income, and gamble it away in the stock market. Just kidding, . . . but I think you see my point.
Yet, there's nothing wrong with waiting if you feel you're not ready to make a purchase right now. Take your time, and do it right.