If you can improve the building standards, or if you budget for repairs and have the human resources to handle all of it cheaply, it might work for you.    

If your goal is for a 15 year, try not to skip months or budget the principle payments into your monthly mortgage.

Get rid of debt, build a budget, and save.

Stop eating out, drinking, smoking, drinking $5 lattes, or whatever is wasting your money and tighten your budget.

Although the costs associated with the services may dip further into your budget, it depends on how highly you value your time as an investor, and whether or not you can afford to spend time doing these things.What are your thoughts?

I consider my house a long term investment and budgeted for these - in your case it sounds like you may have limited funds outside of the inherited property - are you prepared for potential additional expenses in the next 3-5 years?

@Chris SeveneyI had no idea that foreclosures might need that kind of budget to get them up and running.

The best anything you can use for leads if you don't have a budget and you want to wholesale is still driving and walking for dollars and then spending a little bit to skip trace your top properties.

Thinking about buying (budget is $750k~ $1m) and renting for three or four years before moving in.

I invest out of state so I need to learn how to make faster budgets for my rehabs.