Same for many very small towns that lack beauty and charm, or something else such as mining or oil.Sometimes the blight is a portion of a city.

The house looks charming and the numbers worked in your favor.

@Sunny Suh The $225,000 pre-qualification number would encompass the total purchase price and renovations.

I know Silverlake/ Virgil and Echo Park areas pretty well and I didn't see any of the Hipster charm in BH.EchoPark and even Virgil and East Hollywood are pretty gritty...but seem much safer/cleaner/nicer than Boyle Heights.  

You actually just brought the concept back into the forefront of my brain, but I'm willing to bet that one of these RE financing strategies here on the site could be adapted to encompass containers.

Really good contractors is the pot of gold at the end of the Lucky Charms rainbow you see on their cereal box.

Many occupants will be freelancers who work from home, or people that are comfortable switching jobs and exploring different parts of the country.Finally, knowing they are getting some viable return over renting and seeing no financial benefit, or buying and having to deal with the issues that come with home ownership will be a deciding factor.It is a niche, but one that encompasses millions of Americans during an ever lengthening period of their lives.

PS - Here's a link to Aaron's first dealhttps://www.biggerpockets.com/forums/517/topics/252341-very-charming-house-in-crosstown-memphis?

@Patricia Miller The 50% rule was built with SFHs in mind and designed to be all encompassing, and therefore is inaccurate when it comes to condos.

I love the old houses, fountains, and charm.