At a purchase price of $150,000 and 30% down, assuming 3% rent growth per year, 5% vacancy, 5% credit loss, and your total opex at 50% on a 30 year loan at 5%, factoring in your taxes and P&I, you will have positive NOI, but you won't be able to afford your debt payments. 

That is one of the most frustrating aspects of dealing with REO's...the ineptness of the senior lien holder.

Today, USDA has taken over much of that niche, leaving the affordable housing market with FHA.Mortgages were traded and secured by bonds partly out of the Securities & Exchange Act in '39, the formation of banking reform under Roosevelt.

Agree with everyone, if you can afford it, maybe add a nice porch light fixture above the door.  

If you are not willing to learn how business is done or can't afford it, maybe you should reconsider what you are doing.

I am afforded the luxury of having a friend who owns and rents over 50 properties.

They want their family to live in a nice area with nice schools, and they can afford the payments.  

I'm a native Oregonian, and understand your frustration with trying to find a "good deal" inside Multnomah County.  

Missoula is one of the best towns on earth, and there seems to be a ton of affordable real estate there now, and a great, growing university which provides lots of renters.  

If you can afford to lose the money and not lose sleep, the go ahead.