Purchace 75 or more - FMV??- CA question..

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O.k. I have a grasp on the standard math and ratios used by seasoned investors but... I live in an area where medium price for a sfr is $750,000, and a ton of properties are 3-6 million. So, would it be fair to say that If I had cash for the amount above a 65%hml, that in this price range I could profit, even buying at say 75-80% of fmv? Example: 1 mil prop purchaced for 750-800K- 65%hml, balance cash. Around here even people who default, usually have not neglected the up keep on their home. So maybee 20k max for some upgrades or cosmetics. This leaves
180-230K on the table. I am a contractor and will not likely get stuck with un expected problems with the structural aspect. I could even see 85% of fmv (recent sales of less than 30 days on market) and still come out smelling like a rose! What do you conservative pro's think?
Thanks, :eyes:
James in N. cal