It is an important factor to consider.

A few factors are drawing me to them but would love some insight from those currently in those markets. 

@Misook FoleyTypically a bank will not release one of the lien holders and a refinance would be necessary.As part of the settlement agreement the court may order the property and or the debt to one of the parties but again that name is not releasedOther factors do come into play such as what state it was in as some states have different laws regarding equitable interest etcI would speak to your divorce attorney about this and see what can be done

I recognize that the loans are not going to be 0% and some banks will not want to create lines if they know it's for real estate investment due to the risk factor. 

Now knowing that the owner is dead or some other factor like the property is boarded up, may increase your chance of getting the property.

Why would the age matter if all the major systems have been updated, or the lack thereof, is factored into the sales price?

They can be quite profitable but like any farming depend on weather factors, and market demand.

Factor in ALL expenses like property taxes, insurance, repairs, maintenance, vacancy rates, and potential property management fees.2.

Line of credit costs vs amount in taxes paid vs strategy for property...etc...lots of personal factors that go into this that only you can answer.

Look, Mark was pointing out that it's self-inflicted injury not some mysterious market factor, that's just reality of the math.