I assume (with no actual data to back this up) that there will still be plenty of people that don't want to live in these massive, communist block style with granite-and-tile lipstick housing complexes. 

Where I am in NY I have a few friends that are involved in mobile home park investing but one of the issues is the trailers are so old and you can't simply put in a new trailer without upgrading the lot which many times is more expensive than throwing lipstick on the pig and remodeling the single wide.

I'd look for a lipstick deal @Tim.  

Taking a lipstick approach to rehabbing.

Really trying to find something that just needs some lipstick and not open-heart surgery. 

There are no shortage of lipsticked pig properties out there, and learning to spot them is essential for successful RE investing...we're all susceptible to "shiny object syndrome", but being aware of it is the first step to avoiding it!

The biggest deal breaker I can see in this area is sinkholes - so I know to look for cracking and other settlement issues and spots where it looks like these types of things have been given some lipstick to cover them up.

You'll probably attract an money guy at 14%, the owner/hammer guy about the sameor more, but that depends on other factors, the scope of the project, is it a rebuild or adding lipstick?

I am a buy-and-hold investor and I look for turn-key only (or lipstick flips).

Lipstick rehab's" drive turn over and damage.