If I had your goals I would try and learn as much about the areas you are thinking of investing in and then narrow it down to one or two specific neighborhoods.

These properties are being proposed as an RTC style public/private partnership, thus discounts upfront will be absorbed, profitably, by the Govt in future years as the inventory clears and we begin to experience Capital appreciation.Those of you that believe you can out class large investors may be in for a surprise.

The neighborhood seemed really shady.

Do you think the value has dropped that much in 2 years in that neighborhood?

It's not the neighborhood pain anymore.

Is there no middle ground, ie safe, blue collar neighborhoods?

You are speaking very generally about the price and the neighborhood.

Here I Phoenix I have about given up on finding decent single families in good neighborhoods.

I called the owner and he wanted 155.000€ (no way), I made a quick math in my head and offered him 47.000€ and he accepted (I thought we was going to insult me or something).According to my numbers, the ROI is 10% putting 47.000€ down (no loans, Warren Buffet style).

I guess it would depend on the neighborhood.