A property could be cheap but be located in a low performing market.

Hello,My wife and I recently found a property that fits all of the things we are looking for, perfect location, price, rooms, etc. except for one problem: The previous owner was a smoker :( Does anyone have experience buying/renting out/living in a home previously owned by smokers?

I’m located right outside the Akron area and work primarily with out of state investors (I’m a contractor/handyman) ask me anything about the area I’d love to help!

if it is a BRRRR you'd pay the seller off when you refinanced into long term debt, either conventional or DSCR.i don't know anything about the location, market, etc. but if it needs a 40K rehab, you need to push the purchase price even lower than 140K, or it will not work as a BRRRR. 

However this was a unique parcel given location and physical features ..

----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Section 8 rentals are frequently located in extremely low barrier of entry markets, especially the single-family homes and small multi-family properties which I assume has also led to an influx of inventory.

I am curious of where people find these low priced homes, if it is my location that is the problem, and if $30k-$40k homes are still possible to flip?

I'll include all details below.THE LOCATION: The hotel is conveniently located in the breathtaking Smoky Mountains, just minutes away from the Great Smoky Mountain NP entrance.

My area is somewhat geographically bounded by various different mountain ranges and the agencies from “East” or “Down South” might get 1-2 listings a year but will likely never gain much of a foothold due to their distant locations.