In the current real estate market, the property prices are skyrocketing making it nearly impossible for many to buy a home. But, for those who are willing to look beyond the traditional market, there's a source of incredibly affordable real estate – cheap abandoned houses. These properties can provide unbelievable deals to those willing to invest their time and energy.

Abandoned houses are properties that have been left vacant for various reasons. There could be a host of reasons for this, ranging from foreclosure, significant damage, to the owner being unable to carry out necessary repairs. Regardless, they offer an untapped sector of potential homes, often sold at highly discounted prices.

The unique allure of abandoned houses lies in their price point. They are typically listed well below the market price. In some cases, these figures can be as low as several thousand dollars, providing opportunities that may be inaccessible in a traditional property sale.

However, it's important to remember that buying an abandoned property is not without its challenges. For instance, they may require serious repairs and renovations, which could potentially resulted in a lot of upfront costs. Therefore, before you buy, you need to ensure that you have a renovation budget that aligns with the property’s needs. A professional inspection can give you a realistic picture of the potential repairs and renovation costs involved.

Another challenge could be tracing the ownership of the abandoned houses as they could be tied up in legal matters. It is crucial before purchasing any abandoned property to ensure all liens, back taxes, and other possible complications are cleared.

Despite these challenges, several benefits come with buying cheap abandoned houses. Apart from the affordable cost, the renovation of these properties often allows for customization, enabling you to design your dream home just the way you want it. Plus, some buyers find the renovation process fulfilling, as they can have a hand in every step of creating their new home.

Additionally, abandoned properties are quite often located in well-established neighborhoods. This means that once renovated, these properties can considerably increase in value, offering the prospect of substantial profit if you ever decide to sell.

Buying cheap, abandoned houses aren't for everyone. It requires patience, hard work, and due diligence. However, the rewards – a highly affordable property that you can tailor to your tastes and possibly flip for profit in the future – can make it worth your while.

In conclusion, for those willing to venture into this lesser-known market and invest the necessary effort, cheap abandoned houses present a golden opportunity to find unbelievable deals and realize homeownership dreams at a fraction of the normal cost.