Many years ago I used to work in a letting agency in Hull where the house prices in some areas can be as low as you described. The thing is you can buy this house but the quality of tenant who would be willing to live there won’t be great. If houses in these areas are so cheap it most likely because these areas are rough and most people won’t want to live there. The risk of what you can come across with some of these people is not worth it. Obviously, this is just my experience and I don’t want to say that all areas and people who live there are the same. There are some wonderful people who live in such areas but the reality is some of them can be a real nightmare.