Hi
I live in a relatively small country town, doing office work for a builder!  I know, how lucky am I, the builder part I mean!
Anyway I was desperately in need of my first solely owned rental, with his advise I purchased a seriously structurally damaged property.  A water pipe had burst under the slab and had not been repaired until the front of the three bedroom brick veneer had dropped 25mm.  There was extensive cracks that were large enough to put your hand in but it was still quite livable.  I got away with not doing the structural repairs for  three  years.  I purchased the property  $40K to $50K  less than market value due to damage. 

The repairs cost around $30K (special employee discount).  Now, five years after purchasing my property it has doubled in value.  It has always been cash flow positive, mostly because the repairs could be left for a while.

Anyway, my main point is, if your property is in a smaller town you really need to seek out a builder that has a really good reputation as word travells fast in country areas.  I know my house has been repaired by one of the best and so does everyone else which gives me piece of mind on the off chance I was ever wanting to sell.