Depending on the market, it might be a good place if there is strong appreciation with little or no sign of economic collapse.

Oh, yea, there's not been a collapse in property prices during an election year since most can't remember when...

Personally, I believe the 2% rule was created when homes were still cheap after the economic collapse - now its very hard to find in any market. 

Saw the market grow, collapse and now growing again.Mark

When the local economy collapses, think Detroit in the beginning of the financial crisis, it can get really ugly.  

Reap the rewards while you can and get out before the housing price collapse.

Because they are confident enough with the outcome that they don't consider it gambling.Some people are willing to take that a little bit further...They say, "I just bought this rental property that generates huge cash flow; unless the market collapses or the entire town blows up, I should have no problem making positive cash flow with this house." 

It now seems that the perimeter of the building is stable due to the piers, however there was some sort of plumbing leak under the slab in the one downstairs units, which washed out some more soil, and the slab collapsed by as much as a foot, rendering the unit inhabitable.There is a quote on hand for $22k from a foundation repair company to take out the collapsed slab, add some new soil, compact and pour new slab (all of which they supposedly can do without vacating the other 3 units), and another quote for about $130k to redo the inside of the affected unit, and correct other inside and outside cracks around the building and the other units.

Yea, this impacts creative financing offers but it also has a much higher rate of actually closing and not collapsing due to non-funding. 

When prices become (or are perceived as) unsustainable, they collapse and can spread as happened with the previous housing crash.