Cheap vinyl will start getting brittle and can break after about 5 years and will likely fade.

Depending on where it's at you may need to rip out the drywall and drywall work is an art you'll get quotes from cheap guys who learned how to spackle a couple weeks ago and your walls will look uneven and a mess and then you'll get quotes from guys who know what they're doing. 

Putting in a cheap countertop can cost you much more than you save.

Just because something is cheap doesn't mean it's worth buying. 

If you got the property along time ago or cheap enough you could have a ton of equity which would let you make money but not a good cash on equity return.

You can find cheap homes to rehab.

On and off the market in a few daysProperties that stayed were dumps and not cheap. 

I was interested because I could buy it really cheap and it had a lot of value.

Once under contract and delivery of EMD, the only way to terminate a deal and get your EMD back is if the wholesaler cannot deliver clear title.

I try to never buy properties because they are cheap in bad locations.