You may be able to get the property for a low price, but it's a steady gamble depending on how far north it is.

Timing any market is a gambling mans game, some will win, but most will lose.

So a bit of a gamble there As both of you mentioned, looks like the "sweet spot" is indeed the $300K mark.

This fellow lost all the money he saved up paying double rent while hoping for approval.The reason he paid double rent is because he had to have a place lined up before he could get approval to move out of the halfway house... so he took a gamble and paid the rent during the interim in the hopes that approval would go through.

In that F neighborhood I have literally heard gunshots every night for nearly a month, seen people conduct drug deals and advertise/offer drugs in broad daylight, gamble in the middle of the street (again in broad daylight), children younger than high school age running the streets truant, endless fighting and domestic violence, etc.... you get the picture.

It is a bit like gambling, millionaires don't do it so why should you?

Gamble had this listed with a licensed professional at $265k for quite some time (see MLS history).

., if they cleaned the area there would be lots of money to be made, but it's a gamble if it will be done.

Flipping is also about gambling with hidden repairs and inept contractors. 

In my opinion, getting 10-20-30 properties in a very short amount of time is a pretty big gamble.