My wife's nephew owns a 1943, 1000 sq ft home in south dallas. The home was purchased from the estate for 50k and is in poor condition and without a tenant. Identical homes in the area retail for 200k. The nephew does...

That would be like looking for a needle in a haystack or a diamond in a rough.

Pierce could be a diamond in the rough.......my did not let me stop to collect info on FSBO I saw there 

Some deals you have to get a bit more creative to make that diamond in the rough.

With this being the seller’s market, investors are going to need to value add by picking the diamonds in the rough and having the stomach to do Renovations. 

The owner started to renovate but decided to sell it as is. 13135 Diamond Hill drive.

You can turn up the rare diamond in the rough but it takes a lot of digging. 

TBH I'm already seeing homes listed at 275K go for 300K plus and new constructions going over 310-320K...assuming you are from Bay Area ...so think of North Austin (RR, Leander, pflugerville) as your typical South Bay areas and SE Austin areas (DV, Manor, Elgin) as the next upcoming Fremont/Dublin..I feel several parts of SE Austin are diamonds in the dust now...risky play but high reward if you can hold for 10 years and a good tenant in place..

At least the Nigerian dude selling me ownership in his diamond mine takes the time to personally call me. 

At least the Nigeran dude asking for my help moving his diamonds makes a personal call to me.