Do forclosures make for good long term investments?

Would a forclosed property needing a few weeks of work to tidy up make for a good long term investment? Or is reselling forclosures a better plan?
I have been looking into the forclosure business on Youtube and many of these videos have different opinions on whether or not they make good investments.

 

Over here, some people are monitoring the list of foreclosed properties by banks. It used to be a profitable business because our former boss was into it. He would buy a foreclosed house and refurbish it then sell it. He earns almost 50% profit from his investment. But now he said banks have gotten smart. The selling price of foreclosed properties is high as if there is nothing to be repaired. Banks are now using the market value based on the zoning. So if the property stands in a commercial zone then the market value is high even if the house is for condemnation.

 

That is bad news to hear. I will have to investigate more in my area and judge whether the banks will offer forclosed property at a reasonable price or not.