Here is a house we tried to buy pretty hard. It is in awful condition. It was built in the late 1950’s. It is 800 sq ft and a 2 bedroom, 1 bathroom on a good sized lot. The house needs about 25k in repairs to make it rent ready.
At the end of the day we missed out on this one, it was listed at 45k and sold for around ~70k.
We own House #28 about a block from this one and we paid about the same price, but our house is much better. Built in 1980, 4 bedroom, 2 bathroom, 300 sq ft bigger, and only needed about 8k repairs. A lot of the price difference probably has to do with the market going up, especially the low-end.
So if this type of property doesn’t get excited you might not like real estate investing! At least buying the major fixers we do.