I am looking at a foreclosure on hubzu. It is being sold as-is cash only. Starting bid $135,000. ARV comps around $215,000 conservatively. I know that the house froze last winter. Is this something that you would cons...

When I walked the property with my inspector, the wife gave me a couple packages of frozen homemade lumpia to take home! 

Experience teaches us the concepts from the realities.0 or little down even though it is pushed today was more prevalent back in 2008 to 2011 when markets were frozen and just coming back.

As other for mentioned you'll have a lot less of other problems: frozen pipes, snow removal, broken AC (in many cases housing doesn't have AC), etc..

What’s the next step (frozen).

The owner put the frozen system on "fan only" to melt the ice; we later ran the furnace for a few minutes at a time to help melt it faster. 

Also, how do you mitigate the risk of the tenants failing to keep the place warm enough in the winter and having frozen pipes or something a long those lines?

Keep your condensation pumps in good working order (occasionally pour in a SMALL amount of bleach or other agent to kill algae , make sure outside tube not blocked / clogged/ kinked / frozen )

Can't be frozen by governments etc.If we look at markets in general they usually ebb and flow, it either trends or fluctuates between values.

Needed to patch and replace some part of the roof, water pipes were frozen and broken, had to replace and relocate, etc.