@Alex Deacon, thanks for the quick response!

When I finally got to the property, after driving past the many neighboring, beautiful, bigger, newer homes on acreage along the way,  I quickly realized what the "problem"  was (or at least one of the problems): a huge power pole, complete with a transformer high up on it, was located about sixteen feet from the front of the house, centered on the front door!

My point being is that the foundation can be repaired and one can find good deals sometimes if they know how to fix the foundations quickly and cheaply.

Maybe the seller is in deep with too many bills and has to sell quick and will take anything that is offered but doesn't want to offer it low in case someone is willing to pay more.

You can buy nicer rent-ready properties that will attract higher quality tenants and have a good property manager managing the property (5 minutes per year time spend), or you can buy a total dumper that needs rehabbing and then you can landlord it yourself (up to hundreds of hours of time spend).

In recent years the area surrounding their house has quickly been developed.  

First deal to get my feet wet in REI but have quick question.In contract with a property that I expect will cash flow $70-150/month (10% vacancy, 10% PM, $100/mo comb. capex/RM); cash return of 7-13%, excluding what I'd pay myself to self-manage.2/1, rentable condition, listed at 52, offered 32, in contract at 41.5. 

My buddy called some of his friends and let's just say they talked to the squatters and convinced them to move out quick and it worked.

HiI recently became highly interested in becoming an investor, as it seems an attractive retirement plan.

I believe this will serve to be more attractive to potential tenants and I will most likely not have to incur any maintenance reasons for hopefully several years.