You also should have enough to cover life's inevitable, unanticipated expenses, like a leaky roof or dead furnace not just in your primary home but also in all of your investment properties (which likely suffered abuse and neglect on their way to becoming bargains).

WSJ: Breaking the Home-Buying Habit -- WSJ House Talk

Buying as-is did mean accepting an ancient furnace, a cracked window and a leaking roof on the detached garage.

FORBES: Buying a First House in the Midst of a Financial Crisis