Generic replacement parts that fit American Standard can be found anywhere.Don't buy the cheap $90 toilets.

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

Even if a title company were to manage the setup making sure all parties are paid, the cheap debt and cash flow would not be enough to be enticing to any investor even if midterm rental could yield a healthy return. 

Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

Some might not be livable at purchase but 5k still seems cheap unless there is something off with the data. maybe the prices were reduced on unlivable properties due to back taxes being part of the deal for the purchase.

If it's cheap, high crime area, proceed with caution. 

A lot of out of state investors see super cheap houses on Zillow and don't look at why they are so cheap.

How much weight do you give to the cash flow benefit of cheap debt when the property is priced above market?

It's amazing how cheap it can get when you're paying physical cash and having your contractor pick it up at the warehouse.