In the meantime we are talking to the property manager to find other STR's in the area so we can support a fair market STR rent. 

This will be costly in today's market and interest rates, but might be worth a shot if they can afford to stay.If they don't want to stay and you want the the townhome to rent to someone else and just want to assume the loan, well then she can call the lender and see if the loan is assumable. 

Low value markets might be Pennies on the dollar like you allude to. 

I use Beyond pricing in my vacation rental markets and Pricelabs in my city/mid-term rental markets.

The impact of job growth in the market is something I always look at because of this 1 job is not just one job.

Wichita is a good market.

The best way to do this is to renovate a unit or two to the specifications to bring it up to market.  

Bought a place a few months ago on market while doing a 1031 exchange..

I've identified a piece of land that is off market and able to be purchased, roughly 40 acres.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.