Salem County has a depressed economy and the average income is low.

Bill Gulley That's a pretty depressing attitude.

However, the optimistic (speculative) side of me thinks this $400K home was $650K 2 years ago and is highly depressed because of the hardest RE crash in modern history and the tightest lending in who knows how long.

THEN, when these folks are wrong and it gets reported incorrectly it takes 14 United Nations resolutions to get it fixed and banks benefit from depressed scores when people need credit.

I live in a rural area with a few small cities ranging from depressed to bullet proof in terms of real estate.  

I am in residential new construction and the number of warranty calls on appliances is really depressing.

The prices out there are highly depressed because 80-90% of the sales in the area are foreclosures.

Her son who is living with her down south and depressed would move back and both of them will technically live in the downstairs apartment ...When she comes up every couple month to visit my grandmother and her other son and grandchildren ..

You live in an extremely depressed area (Detroit, MI) and we are smack dab in the middle of a major real estate downturn.

Do some reading in the Rental Property forum about the reality of this business before you do anything.Investing in some of these depressed areas can be quite profitable.