This is the opposite of good real estate advice 

You've probably heard that you should buy the worst house in the best neighborhood. That is sage and golden advice.

No, it's not. I've seen so many people lose money doing that. Buying a bad house or the worst house in an area usually means you're buying a money pit. You're going to find all sorts of hidden problems. There's a reason it's the worst house in the worst area. What you really want to do is find a great house in a great area. And by that, if you're going to live in a primary residence, awesome. It'll appreciate with the rest of the neighborhood. Do not go out and buy a money pit. And if you're doing this as an investment property, buy an excellent property that cash flows day one. It will take care of you forever with the least amount of headache. Not making enough on it? Just go out and buy 20 of those instead of trying to fix up and spend all the money on one property.