If the appraisal deems it to be "Subject to" you will have to use a renovation loan/construction loan to repair and close. 

Property appraised north of $100K.

The minimum down payment for a property in this price range would be roughly $27K.That said, you also need to account for bank closing costs, inspection costs, appraisal, attorney fee, and title costs.Your scenario may require a seller's concession to account for these additional expenses.Investing with $50K is totally possible in this market but your journey may be met by challenges i.e.

I do have a portfolio loan that encumbers several SFRs, so that is a possibility…one origination fee, a bunch of appraisals and a new mortgage over a handful of properties.  

Put a little rehab into it, and you have pretty solid BRRRR potential.Just today I had a client text me that his appraisal came in at $122,000.

If you did not do independent appraisal and inspection, you experience what 170+ investors experienced.

Quote from @Kyle Lewis: Hello,I just recently bought some land for $50,000 and it appraised at $90,000.

If the deal makes sense, it is not uncommon for a borrower with sub 500 credit to obtain financing with no appraisal required. 

MichelleI would try an appraisal dispute!

Some use them as rentals.the biggest reason for doing things this way is a traditional bank won’t loan on  property that won’t appraise at their desired price.