Poss. deal but properties are really cheap. Is that a bad thing?

[Robert Fountain]

I've read some articles on BP about buying properties that are very low cost.  Mainly that they attract certain kinds of tenants and turnover is higher.  Well there are 2 properties side by side 2/1 each and both are listed for 34K each. They both are occupied with long term tenants at 750 / month each.  

The numbers work at asking price and would net about 330/month each in profits and a 34% CoC ROI each. Now I believe they are both short sales as well so I could offer 30K each or less and I think they would be accepted.

The question is, if the numbers work well would you still shy away from truly cheap properties for the reasons stated above?