Even if you somehow manage to get decent cashflow from a property in such an area in the short run, if the people are constantly wrecking the property, if the cops are getting called regularly, if rent is late, if the tenants are "sub-leasing" their apartment to 12 people and the house ends up burning down from 134534523452345 things getting plugged into one outlet (all of which happens regularly in these areas), then you're going to have a bad time. 

It's just that we marvel at the continued stupidity....it gets to be like watching a train wreck after a while......

You could buy an absolute wreck with an ARV of $100K for $40K (40% of ARV), but you might have to put $40K into it in order to sell it.

Having owned and sold many different types of businesses over the years, I've always had people there to discourage, complain, deflate and just want to wreck your every day pursuit of trying to rise above.

Some tenants, however, couldn't care less and live like slobs.4) If we have a showing of an occupied property and it's a train wreck, we will pull the listing and advise our client we have to wait until it's vacant, clean and we know we can make a showing count.  5) Our standard "listed availability date" is 5-7 days from the day the lease expires. 

Excited but nerve wrecking at the same time.

Otherwise when the tenant moves out, they may take the fence, wreck the fence or deduct the cost out of their deposit.

I don’t know much about out of state locations and it is nerve wrecking to think about investing out of state and not being there.

I know people that essentially became millionaires by buying a wreck, living in it and rehabbing, selling it and keeping all capital gains, repeat, repeat.

I would hate to see you dump 100k into a property only to be wrecked by tenants who won't appreciate the rehab.