Not worth it. Spending $200k (I know, I'm a good decade out of date on my house prices) on a house and then having to spend another $200k to make it habitable is a losing game.

Perhaps it's different if you're acting like an angel investor in housing, but for an average family, it's financial Russian Roulette.

We're getting off topic, but I have two points about waiving inspection:

1) In my state there's a mandatory seller disclosure. If the seller knew about a problem with the house and didn't disclose it on the seller disclosure you can sue them if you can prove they new about the defect and intentionally didn't disclose it, so there's at least that.

2) Home inspectors don't take legal responsibility if the inspection misses something important, they only offer to, at most, give you your money back on the inspection. So you have to be optimistic that the inspector has a clue what they are doing and can catch future problems when you rely on an inspection.

Buying a home while waiving inspection might be Russian Roulette, but I bet the odds are less than 16.7% that waiving inspection will financially kill you.