It really does seem like a gamble but I would think that this place will appreciate.  

That being said, also no guarantee you can get the bid so the cost of inspections can be a gamble too.Best of luck!

In other words, I'm wondering if all HOA fees should be considered in excess of the maintenance-vacancy-CapEx calculations, or maybe all of this just a big gamble.

hi sheri. no, with that low of a score, you will not be able to get a mortgage; at least not one with a decent rate. my advice to you is to go to www.annualcreditreport.com. by federal law, you can get a copy of your credit reports from all three agencies for free, once a year. this is where you get that. next, dispute anything that is negative on your report, even if it is true. reason being...... when you dispute something, the credit agency is required by law to request authenticity from the creditor. the creditor then has 30 to 45 days to answer back as the whether or not it is true. if they do not answer back, then the whole record gets wiped off the report as thought it never existed. this will help to raise your credit score. you will be amazed at how many things may be on your report that are not yours. check it out.

@Jacqueline Basset  there is common theme that runs to investors after 08... appreciation is speculation and gambling its all about cash flow.. so these folks buying these are going in with the idea that the properties will never go up.. over time their tenant pays them off so now they are free and clear and they make positive cash flow yearly.. thats the premise and what this decade of investor sentiment is the prevailing thinking

It ends up a gamble if your legal cost, trouble, and loss of reputation among the neighbors would out-weigh the benefit.

The success rate of second lien default collections can be somewhat understood by virtue of authentic secondary market pricing.  

South Baltimore may be a good speculative option due to endevelopment at Port Covington, but that's a long and expensive gamble. 

@Diane G. took a gamble and it paid off big time for her.

=======Have anybody gambled "Baccarat" in casino before?