A $400 gamble is always worth it.

If you buy something cheap enough, and can afford to lose your shirt, you may be able to take a gamble in some other state. 

Its a gamble.

Ask Brandon Turner about his early experiences or view his webinars.THAT is where risk tolerance come in: how much of your REI investment - both $$$ and effort - are you willing to gamble on your own proficiency?

Pretty blighted area that's a hotspot for investors willing to take a gamble.

Are you looking for a predominately cashflow driven area or would you want to gamble on appreciation more?  

These could include reports of repeated disturbance of their neighbors’ peaceful enjoyment of their homes; reports of gambling, prostitution, drug dealing or drug manufacturing; damage to the property beyond normal wear and tear; reports of violence or threats to landlords or neighbors; allowing people not listed on the lease or rental agreement to live in the property; failure to give proper notice when vacating the property; or a landlord who would not rent to them again.2.

Even got a chance to check out the famous Gamble House (which I highly recommend to take a tour if you're in the area).

Just about any monkey could have thrown a Dart at a property and made money either flipping or Buy and Hold.You just couldn't tell the difference between a Good Investor and a Lucky Investor at the time everything goes up.NOW... when the Great Recession hit starting in 2008..... this is where you will see who will survive.The Lucky Investor normally doubles down on the Gambling Table, continuing to bet until he loses EVERYTHING.

The answer I kept getting was "you don't really know what you got until you buy it" and at the moment, I don't have that million in an account to gamble.