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JWestland
Mostly they rent them out. Some are knocked down if they have obsolete wiring, plumbing or insulation. Sometimes the cost of upgrading is not worth it.
Sometimes the land is where all the value is. Knock the old house down and put up a new build, sell for two or three times your cost.
My point is that private buyers cannot buy them.
I have a couple of friends who do this, one has over 40 houses plus a few walkup apartment buildings.