High risk since most fail, but big rewards. 

The only exceptions I can think of are a lack of experience frustrating your financing process or where the GC has such a well established brand that a buyer will pay a premium for a home built or renovated by that particular contractor.

There was also a failing retaining wall in the rear of the property that completely blocked natural light form a handful of houses, and was technically on the property line and a shared responsibility.

Many buy these over priced homes because they've failed to become homeowners by other means.

That does not even include the one or two deals that happen daily or weekly between realtors who know the buyer/seller and make a deal happen as almost an off-market deal.

There's always buyer beware.You took a company selling something at face value, you didn't do your diligence.

Two sides of course, as a home buyer you need to do what's best for you and if anyone (us included) can't give you that then we would be the first to tell you. 

The one issue for most first-time buyers is that these properties will often end up needing to be rehabbed. 

The estoppel is a form filled out by the tenant, then confirmed by the Landlord, and then accepted by the Buyer.

We keep seeing conflicting views but my personal experience with buyers indicates that the outlook is positive.