Anybody buy homes is poor locations and move them?

[Cameron Price]

In my town, there is a huge price difference in areas. property values can be 30K on one street and 1/4 mile away be 250K. Not completely comparable, but you get the point. 

Has anyone bought older homes in the rough areas of town and moved them to a nicer area of town and rehabbed them? Seems that there would be serious profit potential. I know moving a home is expensive. I just sent an email to a local home mover to get a general price, but I'm sure he'll tell me it all depends... From what I've seen, its 10-30K and on up to move all things considered. 

There are these 50-70's build homes in my town that nobody wants due to poor location. (There is a package deal right now: 20K for 2. haha!)  but if they were moved 2 miles and rehabbed, they could be 100K homes or more.

My town has been on a roll lately demolishing some abandoned homes in these areas as well. Could probably get them for free if I paid to have them moved. 

Just wanted to see if anyone has been through this and if they would tell me to run away or to consider it.