Great deal IMO. There are houses in N.O. that were formerly under 10+ ft of water and are in decaying,high-crime neighborhoods that are priced more than that for the ‘ambiance’ of living in a sinking cesspool Put in high end appliance, slap some paint on the outside and fools are actually buying up old dumps.
Same here in Pittsburgh. A neighborhood called Lawrenceville. Little row houses owned by struggling mill workers in the 19th. Century. By the late 20th. it was a crime-infested rathole. I worked with a girl who lived there fifteen years ago, and always felt like I should follow her home after work to ensure that she made it OK.
Today it is gentrifying at breakneck speed. Millenial YUPPIE types with more money than brains are shelling out big six-figure numbers for those places.