As the old joke goes, the three most important things in real estate are location, location, location. That having been said, with the plummeting real estate market, it might be time for some intrepid would-be homeowners to start thinking outside of the box, so to speak. With that in mind, here is a list of five abandoned places that are in in need of loving residents and an influx of dough. If you move quickly, you might just be able to make one of these undervalued wonders into your next home sweet home!

Bethlehem Steel: Once one of the largest steel mills in the United States, the Bethlehem Steel Mill in Lackawanna, New York is located just outside of Buffalo. Although attempts have been made to reopen it, turn it into a museum, or use it for wind farming, it has been abandoned since it closed in 1995. While this might not be your ideal vision of the perfect home, the "architectural details" include massive coke ovens, pipes, furnaces, and other remnants of its industrial past. For the modern minimalist decorator, it's a dream come true!

North Brother Island: Rich with history, North Brother Island has been the home of a hospital, veteran's housing complex, and drug treatment center. Most interestingly, this 13-acre island housed Typhoid Mary for over 20 years. It even features in New York's second-worst tragedy, the destruction of the General Slocum, a steamboat disaster that claimed over 1,000 lives. Located in the East River, North Brother is mere miles from the bustling heart of New York City, yet is totally abandoned. In addition to being highly-valuable, albeit overrun, real estate, North Brother Island has an Island of Dr. Moreau quality that will delight the mad scientists and feral survivalists in your family.