Possible issues with neighbors
I looked at an REO on Monday. I could probably get the bank down to a decent price. It had one offer on it on Monday, but the bank just lowered the price $5000 yesterday, so I guess that potential buyer dropped out.
The house next door had two large vehicles parked on it's front lawn and a huge piece of machinery thrown on the lawn (it may actually have been on the REO''s property, it was right on the line). When I was there seeing the house, the guy was doing work on one of the cars, and another guy across the street was doing work on a car too, revving the engine loudly. I'm wondering if one or both are running a mechanic business from home. It''s not something I''d ever want to live next to, but I don''t know if I''m projecting my own middle class biases, and a low income tenant wouldn't mind it. Would this affect your buying decision? I drove by there again today and all the cars, etc. are still there, so it wasn't a one day thing.
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I think you somewhat answered your own question. If you would be uncomfortable living in such a place (so would I) then that means most quality tenants would as well. The type of tenants who don't care about living in a neighborhood like that probably won't care much about your property either.