Areas are cheap because they are undesirable to invest/live there's no significant inefficiencies anymore. 

Once you do that, the obstacles are only in your peripheral vision my friend. 

They are cheap because they are undesirable and will attract crappy tenants.

It is also why virtually every economist states rent is undesired; economist understand the impacts of rent control.  

@Calvin Graves So I disagree with the concept that the lease covers all bad/undesirable behavior that would cause a "normal" landlord to non-renew.

There are only three reasons a property won't rent quickly:1) There is something undesirable with the property.

I think the #1 most ridiculous poster is the person living in a desirable, high-appreciation location who has plenty of capital to deploy who asks which crappy undesirable market thousands of miles from where they live is the best place to buy their first investment property.

I typically get rid of undesired tenants by raising their rent above market rent.  

For example, I have bought a property in an undesirable area, and noticed that the rent and value hasn't changed much.

When I hear "affordable" I always think, undesirable since price is always based on supply and demand.