4k-10k Homes. Go or No Go?!

[Chase London]

I'm seeing  a few properties listed in the 4k-10k range in the Chicago area. The neighborhood doesnt matter much to me. What I wanna know is are the properties in those price ranges worth getting if the cash is on hand and you want to do a quick house hack? 

Im sure they need repairst. If snatching up say a 7k house that needs doable repairs and house hacking to get away from renting is possible. Would anyone here say thats a ok start or would holding cash and seeking a Conventional loan  be better.

side note: I want to get out of renting before summer 2016 (month2month lease at moment)

[James Paine]

I've lost more money on houses that cost me less than $10k than any other homes I've ever purchased hands down.