1. If it is cheap because it's in poor condition but in a good location and structurally sound, it could be undervalued. Consider buying it as you can improve the condition of the property and quickly add value. This increase in equity will make it easier for you to buy your next property.
2. If it's cheap because it's poorly located, really consider it. You can never change its location.
3. Properties in the low end of the market can provide you with the best capital growth as they have a high land component.