25% for flood when creek rises, fire, non paying tenant, roof repairs, tree falls on duplex and insurance deductible is $2500, tenant puts toy down toilet and clogs main line, dog which you did not allow bites someone, disposal stops working, property manager 10%, property taxes increase because they see you did rehab or you changed the title, noise fine as tenant decides to become a drummer, trash bill, ants or vermin and you have to hire a exterminator, mold claim, planning department inspection fail, city fee as business, legal fees, CPA fees, insurance goes up, Imperial Beach business license and landlord permit/ annual fire safety inspection/gas co inspection $1500+, heaven forbit the Coastal Commission says you dumped foul water, to name a few

The noise coming through the walls and ceilings would be just a start.  

If the numbers look good on a specific deal everything else is just noise.

Looks like I'll be adding the book grind to my journey.

To answer the question in your subject line, yes you definitely can get a good deal on a home that has been flipped (especially one that has been on the market 100 days and has dropped the price by $50k).If this investor used hard money on the deal, their loan is likely to be coming due either in January or April (6-9 months after origination).As you get closer to that balloon, they will become more and more motivated to dump that property at cost, or even for a loss.With all of that being said, ignore all of the noise I just wrote about.

Jim does it because he hates people (just kidding), rather he hates the typical grind that other people have to live.

I know from experience they are better off living in isolated scenarios - single families - than in apartments surrounded by lots of people and noises.  

You'll have better luck grinding away and beating the streets.

NOW, last week HOA sent a letter saying tenant is walking dog without leash and neighbor complained of late night noise/nuisance. 

Making big noise in the local market over the past year.