The really good thing about the internet is that there are no neighborhoods really and any "house" you find can be put in the best neighborhood in a very short time, on the 1st page of a Google search, when you know how.
This can be a little time-consuming, but well worth it. No matter how well capitalized you are, you always want to remember to buy low. You may already have an affiliate campaign, or you may be highly educated about a niche and/or a community, in that case, you need to dive into the search engines and look for a website that is still virtually unknown and that you can understand and see some potential for growth. By growth we mean potential to ramp up traffic by simple optimization techniques and also by monetizing the site.
A website that has a loyal community base in a niche that you understand and may possibly be personally involved in, is the perfect candidate.
The most important thing to remember is not to put all your eggs in one basket. Do your due diligence and try to assemble a group of sites that look appealing and that figure some way into your strategy.
What's your niche? What is your angle here? Are you looking to purchase the site to potentially buy the customers that are already there, to feed them an affiliate product? This is just one tactic on how to energize a site, by monetizing it so that you can turn it over and flip it.
You can see that having a comprehensive approach is key to understanding how buying a website at a low price will factor into how quickly you will be able to flip it.