Find a way to fill that need and you will make money.In my town, the need is quality, well-maintained rental houses.

Just make sure you are prepared to cover any downtime between renters, as well as maintaining reserves for any major appliances going out/needing repair.

Could be that it was lost in the shuffle of bank collapses and some company now owns it in a portfolio and they just don't have the time to be bothered.You just have to call the people that appear to own it and ask to speak with someone in their asset management department responsible for selling the properties (not the ones that maintain the properties).

Without getting too much into his personal life, he is a disabled veteran and simply can't maintain the property. 

They run it, landlord it & pay to maintain it & it has been a VERY successful endeavor.Case in point, we picked up a foreclosure back in 2005 for $13,500, spent $2000 to make it livable then sold it (CFD) for $38,000 @ 13% over 15 years & he has the same tenants & has never missed a payment.

We strive to maintain 94-96% occupancy, and utilize this to ensure we aren’t leaving money on the table.

The properties I’ve seen have dropped their price in the last months (both in rent and buy), my biggest concerns are the restriction the HOA could have in the future and the fact that the fee could go up any time, but on the other hand having that fee let’s you know that the building will be well maintained.

I can't charge my tenant because I failed to fix the uneven sidewalk or failed to maintain the gutters.

All they want to know is that the property will be maintained and that they won't be cheated by a slum lord.

But agree taking proper steps to maintain good accounting and keeping personal and businesses separate is good practice.