I have read/heard that it's best to start "in your own back yard" to get the feel of being a landlord/investor, but when my backyard isn't the most fertile soil, I may need to cast a wider net.  

Some areas near Niagara and Buffalo have very poor soil which means there are going to be foundation problems and I would not be surprised if the people come down with cancer because it was used by the military for disposing hazardous material a long time ago. 

Don't forget Hurricane Sandy was only a few years ago.

Sandy, in Mo. your attorney is correct.

You haven't given us enough info @Sandy Ulysse.

What's the soil like?

The are is picking up again, after the storm Sandy a lot of developers bought out the houses and build condo's. 

I read up a bit on this and I think the last thing I want to do is repair an old stucco house built on clay soil, with a slab foundation, even if it's real stucco.

In localities having a winter design temperature of 32°F (0°C) or lower as shown in Table R301.2(1) of this code, a water, soil or waste pipe shall not be installed outside of a building, in exterior walls, in attics or crawl spaces, or in any other place subjected to freezing temperature unless adequate provision is made to protect it from freezing by insulation or heat or both.

If it's in a great area, there are no major, deal breaking issues around the property (soil/foundation issues etc.), and you can rehab it without breaking the bank, i would say it warrants a more detailed investigation.