I bought a great rental property in Brandon that has a 9 inch "heave". Before buying it, I had my inspector do his thing = $350, and then 2 different foundation companies came and told me what was wrong and what it would cost to fix. Then I had my plumber look at all of the pipes and give his opinion, and then the contractor I use came and gave his opinion. Lastly, I had our property manager come with comps to see the potential cash flow. The home inspection was the only thing that cost $. My plumber, AC guy, contractor, and property manager always give me their opinions for free because I use them and only them.
The 2 foundation companies wanted between $3000 and $4500 to level the house, but the foundation was in tact, so we decided to do nothing. Instead, I put that money into gutters to keep the water away from the house. All of the professionals believe that since the house is over 30 years old, and water is being diverted away from it, it will stay like it is and not move.
So to answer your question more specifically, I do buy houses that have "problems", but it depends on how old the house is, what the problems are, and the current and future costs. But I've looked at hundreds (if not thousands) of properties in Ridgeland, Brandon, Clinton, Madison, Pearl, etc., and have figured out what I and my wife are willing to tolerate. We have been able to find some records of foundation repair history on houses in Madison county by going to the Madison County Property page. This was REALLY helpful when we came across a beautiful house in Madison Mississippi for under $80k. The previous 2 owners documented their nightmares with the court, so we weren't about to touch it. That house needed to be demolished. If there are clear splits in the concrete that I can stick my fist into, or the house is going in two or more different directions, I walk. If the entire house has shifted a little, and the roof looks good, then I begin finding out all of the information I can, and move quickly.
