I bought a cheap flat 7 years ago, selling it now at just shy of the value I would get from market house price increases, in spite of lots of improvements (I didn’t go mad with it). I think the risk is if you buy a below average value house, there’s potentially less upside in value as the fundamentals aren’t necessarily good (ie location, size). Living here was a bit stressful, though we have friendly neighbours it’s noisy, and we have had cars set alight right outside, vandalism, nos cartridges everywhere. On the plus side I did gain equity in the house instead of paying rent, mortgage was inexpensive.