WHY can't I buy a house?

[Kyle Ward]

I live in Portland, OR. I have been trying to purchase a fixer but have yet to succeed. Now, I know the price of anything is what someone will pay for it, so a large part of the result is in my valuation. But when I run my number it is usually done with cost to rehab myself (saving money) and I have been making cash offers. Are people really spending 400k+ for less than 10% ROI? (it's seems everyone else has cash too)