So if you budget for horrible termites and rotted sil plates/joists and still looks good I would definitely buy it.

I tried to purchase a new home to live in but was having a horrible time with financing. 

Paying $155K for $1000 in rent is a horrible deal.

That's what they would pay.Now, tell your agent to actually submit your horrible offer.

With the built up equity and appreciation, the cash on cash return is horrible.

There are a lot of properties listed in the marketplace in the horribly ghetto cities of New Jersey like Newark, Trenton, Elizabeth, Paterson, etc. 

It will be harder because everybody will be telling you, "Real estate is horrible" or "I just lost a ton of money in real estate, dont do it".

I am sorry to say this but realtors post horrible pictures on the MLS.

@Kevin Layman don't do it unless you can do it on a seller financing deal with amazing terms.  5% cap rate is horrible especially for all of the time you'd spend chasing rent and repairs which is common in "war zone" areas.  

If you ask all of these questions AND have people looking out for your best interests it would be almost impossible to get horrible results.