There are a few reasons why I chose to search in Waterbury, here's my thought process (feel free to object, i'm all about different points of view!)
Prices are very affordable, so it's a lot easier to enter the market as a new investor (who doesn't have a lot of capital) as opposed to, say, Stamford (probably looking at 3-4 times the price). Return on investment (cash on cash) also makes it attractive; and i understand it won't appreciate much, but to start i'm more interested in cash flow. And finally to your point, yes, when you look at general numbers Waterbury looks scary (and i definitely wouldn't consider even driving by some areas), but if you know the submarkets well enough, you'll know which areas to avoid and i believe you can minimize your risk.
