I did this in the MS market and while the advantages you pointed out were true.. markets that have slow appreciation and or areas where builders can keep building for low dollar amounts like the mid west.

Low crime, steady employment opportunities in the surrounding areas as well as Appleton. 

I also know Arizona is fairly investor 'friendly' and has fairly low property taxes.Interested in purchasing small multifamily properties (2-8 units) depending on the property and numbers of course.

But, ultimately, it could work if you don't mind a low ROI.It could make sense if you look at a lifestyle rather than an investment purchase and you're just happy to cover your costs.

But this is Rare.. you cant compare most low value areas of cities in the mid west or Rust belt to Charleston SC.. 

I wouldn't have to wait longer to prove my income on something that price.However, I'm wondering if it's a good investment or, like someone told me, "if house prices are that low, you'll likely be in a poor area and not have great tenants."

The best route is low coverage industrial, industrial outdoor storage.

Some will go down as low as $100,000.  

I would look for a bunch of Sub To Deals with 2-3% interest rates ...... then rent out for cash flow and huge equity build up when rates are really low (check out amortization schedules and compare 2-3% vs 6-7% with the same balance and length of time - check out the principal portion each month - the lower the rate the higher amount goes to principal PLUS better cash flow).

The cost stated is so low compared to property value.