I buy the houses that are really wrecked.

The logic of not replacing a worn out rook is like having brakes squealing and grinding on your car and not fixing them because they haven't failed yet and caused you to have a wreck.

It needed major remodeling, the roof was collapsed over the family room, the plumbing was a wreck, horribly outdated, but it was in the most desired neighborhood on my list.

@Aditya Namjoshi "check yourself before you wreck yourself"The only good thing I see there is that your total purchase price means you won't lose "too much" money when it all goes to ****. 

Went well, but the broker told me the house is a wreck.

One car wreck or other accident could bankrupt you.

In my case, I focused on Dave's advice regarding insurance and estate planning-- in part because I've lost far too many friends to cancer, war, and car wrecks who left people behind who loved and depended on them behind.  

I would love for you to come back here in 5 years to show us your portfolio of $15-40k homes and help others understand what you did.Now, that said: I believe this is a train wreck in the making.

I also know the history of residential construction in my area -- when this city built its best properties, why some properties here were built to last a hundred and fifty years while others should have fallen to the wrecking ball decades ago.This is my niche.

Based on my opinion- have been up and down most, but Jacksonville is very funny with some of these...Some streets are great, and then you go over a block and it is a wreck...I tell people it is hard to invest without driving the area and really getting a feel.