opportunity is there but houses will probably need work and usually not in the best areas, here's the Chicago one...
http://en.wikipedia.org/wiki/Humboldt_Park,_Chicago
Humbolt Park still not considered a good area but surrounding areas are hipster hot spots, Wicker Park, Logan Square etc... I drive through the area every week to get downtown and I'm currently looking in Wicker Park, Logan Square, Goose Island, Gold Coast etc...