Homeowner said he rented it to a drug addict and a college student and didn't get paid for one year.

That's not even factoring in the large numbers of persons with violent felonies and drug histories that would be "challenged" in finding employment in any situation.Now there are these things called renaissance zones, or at least there were when I lived in Metro Detroit.

The first one was a drug addict, who turned the apartment into a drug house.

There are parts, where one street separates you from 200k+ houses and on the other side are 40k war zone/drug infested areas.

I use the same type of requirements stated above, but I have added that applicants must agree that there will be no smoking on the property, and applicants may not have violent felony or drug convictions.I also added 'rule out' requirements that disqualify applicants.One rule out is if they make an appointment to view the property and do not show up or cancel the viewing two times. 

Those auctions are very different in that there is way more volume and if I want to buy 5 trucks at wholesale prices under $10k next week it can be easily accomplished since there will probably be at least a couple thousand vehicles sold at dealer auctions in San Antonio in a week's time.

You could stay at a high-end room in vegas for that much money for a night.You mention renting by the hour. . . the only hotels that I know of that do that are SEX motels, rife with prostitution and drugs.

A landlord that you just busted his tenant for drugs, might be a motivated seller.

Many homes could use some updating, but not all areas are clean and drug free.

Some have been violent drug dealers who commit arson and prostitute their children, and moved out because they were running from other drug dealers.