People had been foreclosed upon, and that loan that was foreclosed was a crappy ARM product where the payments jumped dramatically (as will happen with ARMs).

There are few dramatically under priced properties because the seller is ignorant or don't know what their property is worth regardless of how desperate they are to sell

Spec building was great back in the day and will come back in a few years once the cost to build is not upside down as it is today.REO deals have been the bread and butter but have dropped off dramatically and SS's are the market majority for deals.

Unless you have a very good reason to believe property values will rise dramatically, ie. a new military base is being built nearby, the local school got ranked best in the area, then you would probably be better off finding something else.If you can increase rents to $700 a month, as you said is reasonable, that would help your situation out.

The factor that prevented your taxes from dramatically increasing when property values were on the rise will now keep your taxes from significantly decreasing despite declining property values.

Neighborhoods in different areas within that city can vary dramatically on prices and statistics.Think of it this way.. our country was founded by people who overtook the people already living here..Then the invaders (now we are called Americans) claimed the land and eventually called it the United States of America.Then they wrote the history books to make us believe that the 'Indians' welcomed us (after we slaughtered them) and created 'Thanksgiving'.The books were written to try and convince us to believe what the 'governing people' wanted us to believe.Although this is a strong example and many will surely hate what I posted, it's the truth and also applies to the report given in this post.

I've seen some pretty dramatic changes here, and neighborhoods change street by street and often within the same street.

The local banks in my area have a dramatic rate increase for anything fixed more than 5 years.

Having tenants enter their information reduces your workload dramatically.

I do  have financing secured(bank statement loan) but the terms of the loan changed dramatically from when I was initially pre-approved making it much more expensive an I wanted to see if I could find a better offer.