Jimmy,definitely, it doesn't matter if you have a property worth 230,000 and you're buying it for a dollar...well maybe not that far below market :D - but what makes a property a good prospect is if it matches your EXIT STRATEGYthis is made up of many different factors.Your exit strategy (or goal of purchase) is the most important aspect for your investment approach because it establishes your boundries and lets you know exactly where you stand and where you want to go!

If you are not concerned as much with the investment value but more about the personal value, then buying the house you like for any value below market value I would say is a good deal.If you've decided that its the right house for you, then I would start low and work your way up to their bottom dollar.

It's probably not surprising, then, that I'm a single guy who still works full time and lives well below his means.

Now as Dick referred to, with some understanding of the short sale process and some patience and time to commit to doing it, you can negotiate the lenders note down below what is owed.

Thanks OhioRealtor so If I understand you I need to get the place for 70% below fmv minus repairs to be worth it ?

Some times 40% below market is not enough.

Then look at all property using this filter.

lot going on in this post.first, no way will you get a 5.5% on a non occupied investment property.(2) you *may* end up with positive net income on the property without having the mortgage writeoff - this means a visit from the tax man. as an investor, the "write offs" or tax deductions you will receive, if your business entity is structured correctly and your CPA knows what he/she is doing and you keep tabs on it, will far exceed any write offs you will earn anywhere else...look at it this way...IF...you HELOC...taking 100k out of your property...now you've got 100k to invest in an reo or other distressed property - CASH...real estate is about leverage...but with the CASH purchase, it frees you up to do many different things down the road...IF...you "buy right" (below market value > 30%) - combined with the CASH purchase, you'll create a return on your investment that is EXCELLENT.if you took an arbitrary 100k (from anywhere, say it grew on a tree) and you stuck it in a savings account earning 5% (which is a lot for a savings account)...compare that to the 20% return you'll get off the monthly cash flow from a good rental...not to mention depreciation..and future leverage options available to you through this investment...the returns just compound.now this all deserves a qualifier...we don't know the specifics of your current home, your finances, what you owe on it currently, other debts etc.all that must be taken into account.

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Could be lower but there's not enough information to go on...Hope that gives a little insight...Good Luck!