I have an older but in very good shape 2000sf double wide mobile home. 4bed 2bath central air/heat. 

But it's hard to just paint the situation with a wide brush.

these are called low value assets and low balance loans.. its a widely known fact in the standard mortgage industry that these are the highest risk.it cost as much to foreclose on a 40k loan as a 400k loan.. there Is no money.. and those properties tend to be in less desirable areas or flat out war zones or worst area of a city..

Finding good properties is all about casting a wide net in the right places. 

I am sure it happens, but I don't think it is as wide spread as some people seem to believe.

Im in the top 1% of agents nation wide and honestly I know people who struggle to make a living doing this that have more inate talent at it than I do.

If it is, you can look at a wide range of towns and at the prices you're talking about, you can buy a mansion on the South Shore and have money left for private schools too.

Plus, they left the window wide open during a storm.

So if I want to cast a wide net and search in several metros, I would need to have like five different brokers searching for me?

I am looking to buy a second multifamily in Chicago, I have been searching far and wide and it seems that I can only afford the higher crime areas of the city.