Much of the following depends on your capabilities and cash position, but I've always given people the advice to buy their first home with a 'safe' outlook with regards to appreciation, and schools.I don't know where you are at in life - if you've already made your first purchase, etc - but so far so good on those that have taken my advice.I think later on in life, if someone so desires and/or has the knack, is when it's appropriate to get into what a lot of folks on these forums do - the more aggressive projects where there's more money to be made.This is a round about answer but yes it's possible. 

@Natalie Schanne  the darker wood look 'tile' in front of the island is a commercial vinyl product (from Lowes) that we had to glue down on a subfloor because of the original floor condition.

I have lived in GA all my life. 43 years so far.

I did section 8 in my C class single family homes and I will never do that again for the rest of my life...

Then, keep doing whatever you're doing in life with regards to working, etc, and getting yourself access to capital. 

I am planning my retirement but if I could scale like you, life would be great.

I have been around the business of real estate my whole life (mother owns and runs a title agency) but never actually put any of my own effort into it.

The condition of a house (and how to evaluate it) doesn't really change from market to market for example.

This foreclosure is in excellent condition, as it only needs a sink, new countertops, and appliances.

It depends on the condition.