Is there a way I can take on the current mortgage payments (at the low rate) and get a new mortgage to make up the difference between the existing mortgage and the current value?

On the flip side the clients I fund in my land deals are doing very very well in the foothill subdivision 50 miles or so west of the springs.. but thats the land game buy low sell high.. cant wholesale that stuff it needs to go on MLS to marketed and turn around time is generally 90 to 180 days but nice margins for my clients ..

The real estate prices are relatively low, compared to the cities & more touristy areas, but the rental returns are good, with a low vacancy rate.

There are a few others here on bigger pockets who have endeavored to do so and can attest to this  (but I will not name them).Basically AHP bought 1000s of low value non-performing loans, these require the most oversight mainly due to the condition of the properties. 

If you've got people fighting over your listing and competition trying to get into the unit, then you're too low.  

For example, I have two STR high-income earners (making 140k & 150k) in Joshua Tree for sale with low expenses, where the sellers will stay on to manage it.Making sure you are keeping as much as possible from the tax man is a huge component and to do so you usually have to invest it.

218K seems a little low for the area.

For $50,000 you can have a turnkey low-income Section 8 rental property that generates $7,500/year in NOI.

While the property hasn’t appreciated much since purchase, we’re considering keeping it as a rental due to the low rate.

The seller becomes the bank and pays capital gains one time on the downpayment (which keeps it low to make sense for them) and then also monthly on the payments (also incentivized to just match how much he wants a month).