There may be some other issues with the place but ultimately if the numbers work- I wouldn't worry too much about days on market. 

My ultimate goal is setting up for retirement and hopefully having my money work for me.

@Alan WolkovIf you purchase a property at a foreclosure auction and later find that there is a government lien or lien that survives the foreclosure auction, you will be responsible and indebted.

Ultimately it's different strokes for different folks. 

If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast.

Hi Peter - I originally moved over to the island 20 years ago (pre-R.E.) and I'm glad I've found myself here as the prices have not skyrocketed like back on the mainland and while difficult compared to south of the border, one's still able to buy a simple rental and get a positive cash flow which, when combined with patience yields the ultimate dividend.Nanaimo's definitely an interesting place with a number of parallel markets in play.

My ultimate goal is to flip and make some long term investments.

Since your interest lies in wholesaling, I added the below links to help with the success of your chosen niche.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)https://www.biggerpockets.com/renewsblog/2015/10/15/bp-podcast-144-getting-out-of-your-comfort-zone-and-kicking-butt-at-real-estate-with-danny-johnson/ (wholesaling tips)https://www.biggerpockets.com/renewsblog/2014/10/09/getting-started-real-estate-wholesaler/ (BP Podcast 091 Wholesaling)https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling)https://www.biggerpockets.com/renewsblog/2013/08/15/wholesaling-business-lamar-cannon/ (BP Podcast 031 - wholesaling)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast.

The Ultimate Beginner's Guide is now a course that you can now watch.