An appraisal doesn't mean much, especialy considering the state of the national real estate market and lending crisis.

Not because of a general RE crisis, but because it is a crappy neighborhood and properties get trashed and are hard to maintain.

Anna wanted to buy a $170K property for $20K because the guy bought it for $8K ("...my information comes from the County Recorder and there's no flaws coming from there...") but revealed later the purchase was in 1980 and the owner has (allegedly) not performed deferred maintenance.Anna would create the crisis by notifying code enforcement that would make seller accept her offer with the logic "would he rather take the $20,000 - $40,000 cash offer or deal with Code Enforcement and all the fee violations and or including losing out on the property all together?"

Ryan, I agree, I think the housing crisis created a lot of landlords who HAD to get into this business.

WOWtalk about crisis averted.I just checked out your website in your signature, looks like something I just might have to check out next month!

Crisis averted...thanks for all the advice!

This doesn't apply in many places. 3-5 years ago, it was more common because of recession, banking crisis, high foreclosure rate, RE bubble burst, etc.

These properties are the tail end of the housing crisis. 

Marie Poe was getting at ...Steve: you're so diplomatic.

I know a few people who kicked *** and have done that and more in just the last 3-4 years by taking advantage of the foreclosure crisis.