I can only speak to Milwaukee, but on average the three distressed properties I have purchased over the past ten years have appreciated an average of 200% all while providing steady cash flow.  

@Cameron Porter half off of a $30-40K price may not be enough to make a purchase work.We've seen clients quickly get upside down with Land Bank purchases:(So, proceed with caution and hire a great inspector and contractor to go thru the property before you agree to buy it.

Can you easily find cash purchases close to the property and things like that?

Real life absolutely no one will give away on the internet their investor friendly priced good contractors. 

I was to purchase a house in NC, but due to some information that was not disclosed about the house, we decided not to buy it.I will be getting my due diligence  money back and asked for money back for inspections but seller refused.  

I helped an investor get into a 3 bed 2 bath , 3 bed 2 bath duplex for 105k - each side is leased for 1250.  

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Why do you think purchase contracts are so long and have such small print?

Not sure if it was mentioned here already, but another creative alternative is to purchase a SFH that has a casita. 

Make sure they are "investor friendly" and well connected in the neighborhood.