I got a real deal a month ago, a 2/1 950 s/f cottage in a good area with a great lot. Although it was built in the 50's, the previous owner had totally rehabbed it, from the studs out. I'm talking new siding, windows, roof, sheetrock, carpet, wiring, plumbing, hvac, doors, windows, kitchen, bath, basically a brand new house, less than 6 months old. Assessed at 119k, I bought it for 25.  The owner-occupant  had rehabbed it, and had a job transfer, and put it up for sale at $128.

But, he had no offers. So it languished on the market for seasons. And then the squatters came. They didn't trash the place, instead they used the bathtub as a toilet. At first, they used the toilet as a toilet, but it got full to the rim, and they transferred over to the tub. No agent would show the place, no one even had the (fill in here) to go inside. if you even opened the front door, the smell would literally make you gag, if not vomit.

By now, it's summertime, and the smell is starting to waft outside, city  and neighbors complain, and the listing agent is willing to do anything to unload this turd. Having bad sinuses has worked to my advantage, but I put on a breathing apparatus I borrowed from my job, and surveyed inside. Yep, tub and toilet full of feces, now putrid and fermenting. Rest of unit almost like new, even the carpet!

I made an offer of $25k, with a 3 day time limit, as is, where is, with everything included.

They accepted. I closed 21 days later, did a walk around (not thru!) and saw no more squatters.  Hired a septic pumper truck to empty the tub and toilet for $125, and hired a local crackhead, er, handyman to scrub the bathroom and tub spotless for another hundred.  Here's a technique I have been using for years--use ammonia 50/50 with scalding water in a rental carpet scrubber-- to clean and deodorize the carpets.  Worked like a charm. ( Make sure ALL windows and doors are open when you do this!!)Next, put a little carpet fresh in the hvac vents ( floor) and change all filters. Finally, paid a housecleaner to completely clean the entire house for another $100. 

 For less than $500 had the entire place looking AND smelling like new again, rented it for $795 month less than a month after closing.

Sometimes you gotta' look (and smell) past things that others think are disasters!