Good Saturday morning, Brad. In 28 years I've yet to have a buyer ask me for a home in a crappy area. A safe home in a crappy area is almost an oxymoron to my way of thinking.

The only way that works is if the crappy homes somehow find a rejuvenation and get cleaned up and updated otherwise the equity becomes non existent

Lat year, I helped clients buy in a neighborhood in transition (how is that for a euphemism?).  We purchased it using a fix it loan.  The house came out great and my clients are very happy.  They did not have an option to buy in many other neighborhoods.  My first home was in a neighborhood in transition too.  The other homeowners were fantastic.  We watched each others houses like hawks.

Brad, like Raymond, I sold a couple of homes at a very low price years ago, and has gentrified and now worth at least 3 times the purchase price! 

Buying a home in a crappy area can be a questionable thing.  However, like Joan Cox mentions, I too have sold home in questionable areas, that were on the verge of gentrification, and large increases in value.