It is a safe and cheap area with decent schools that is not too far from any highway that will get you across town quickly.

Live in and have rents. 5 unit, not cheap but great for long term and we might even hold the note.

A HELOC can be had at a bank for 5,000 and it's cheap money.

Not to say that caution shouldn't be exercised but rather careful what you consider the indications.The big boys gobbled up lots of property on the cheap over the last couple years and some of those assets are being let go.

Where I come from, the old houses with stone / old foundations are dirt cheap  if they aren't in the greatest shape, BUT there are also just as many "normally" priced houses with old stone foundations.

We attend the christening or first birthday party if invited.We give gift cards for the Holidays.We help decorate for the Holidays and contribute to community potlucks/BBQs (at our 8-plex).We have a "make it your own home" policy, whereby we give approval for a reasonable modification to the property, such as painting a room, changing out a light fixture, etc.We prepare a "move-in packet" which includes information to orient them to the property (property rules, utility contact information, change of address form, our contact information, etc. ) and also information about the neighborhood, such as a walking/trail map of the local area, chamber of commerce welcome information, a list of nearby amenities (including medical, shopping, restaurants, schools, parks), menus for local pizza delivery services, coupons for local businesses, etc.We prepare a "move-in gift" which consists of a bucket of our favorite cleaning supplies and a reusable shopping bag with starter supplies of paper products, a "Zip-It" hair snare for clearing sink drains, a toilet plunger, a cutting board, approved hanging devices (picture hooks), a door mat and a shoe tray.We supply light bulbs for all permanent light fixtures for the duration of the tenancy, including specialty bulbs for appliances and chandeliers.

Sure, everyone wants a cheap, new constructions, that gets maximum rents in the best school district. 

Very cheap.  

have a great propert priced cheap only problem is not sure how to get financed for it have 10k price is in a great area just dropped to 40k I've been pre  approved for 65k only problem is the bank doesn't like going under 50k so what are some ways around it?

Read the line, I said have your PM do it, they might have maintenance personnel that are cheap and on payroll.