As a newbie, I feel like any "good deal" I see on the market must have been already passed up by someone smarter than I

[Kavi S.]

What do you guys think of that mentality? 

There's 2 places I looked at in states of disrepair that when I played with the numbers, looked good to me. One was sitting for 2 years, one was sitting for 6 years. 

There must have been investors that have already turned it down, right? There must be something I'm missing? Or should I just pony up and pick a project already?