Just recently moved to the south from Washington and yes, the house market is ridiculously cheap!
We're renting and it's somewhat of a fixer upper but not too bad. We can't do changes too much without landlord permission but first thing before moving in is we cleaned and rented a rug doctor to deep clean carpets.
The yard had like 2 years' worth of leaves, tons of roaches/termites on plywood lying around, holes in the fence, etc. With a few hundred bucks at Lowe's we fixed up most of it and have just been waiting on leaves to dry out before we bag up most of them.
Where I was at before, a 2bd 1ba apartment cost about what I'm paying for a single family home that has 3bd, 2ba, 1 car garage, fenced yard, fireplace, vaulted living room, and no pet restrictions.
Seriously, the landlord said any domestic pets are ok and liked my dog enough to waive the pet deposit/fees.
Right now the bunnies have their own bedroom and my boyfriend has a computer/office room, then we share the bedroom.
We're paying double-rent right now for an apartment and this place but it's worth it... the other place had funnel spiders in the WALLS that would trap the roaches and eat them and leave their carcasses about. Not to mention I'm pretty sure I saw a black widow in the storage closet on the deck. And the place had a history of break-ins and the intersection that turned into the place was accidents nightly. NOT where I wanted to be.
I hope you can get the house for a good price and at the very least, it will be a good summer project!
Once we have more income we're going to work on fixing up the lawn since it's clay/dirt and looks pretty ugly!