I found one local house for $70K that had a huge number of problems, like cracks and rust showing through the stucco exterior, broken fascia boards, upstairs that was only 6' high, stairway that came up into the upstairs bathroom etc. etc. (the house dated from around 1850 or so). I passed on it, but I was surprised to see that it sold just a few days later, and even more surprised when it was re-listed less than two months later for $195K. I went to see it again and it was a classic lipstick-on-a-pig flip: just grey paint and those nasty grey fake wood vinyl floor planks everywhere. I've never been so flat out offended by a flip before - and the thing sold almost immediately for the asking price. I feel sorry for the schmucks who bought that thing, although they probably turned around and sold it for $300K.