what I like to advise for those that ask me.. and of course on BP people don't ask we just chime in.But I like to say  look at a median price point in a given MSA your interested in.. then buy within 10 to 20% of that.. don't buy at 40 to 50% of the median because that's NOT where homeowners are buying no matter how cheap the properties are.. they simply wont buy cheap properties to live in.then invest again look at your rents and buy properties that rent for the top 25% of the rents of the given MSA.... for out of state folks this will give you a fair chance of success.. this illusion or irrational exuberance towards low end 30 to 50k houses for out of state investors is simply far to Risky.. one just needs to see the Carnage Mr.

(And if you do get irrational and quit, your policy has more value on the open market than $36k!)   

A caveat is that they aren't reducing prices below what the home is worth (yet) but, from what I've seen, reducing from the irrational over-pricing we've seen in the last couple years down to actual market value or a couple thousand above.  

Your call as you have spoken to her, know her history and demeanor etc. but my experience with people that have irrational beliefs to that level is that they don't have just one....I would guess that this won't be the only strange claim/complaint/demand you hear from that person.

I 100% agree with last 2 poster.you never know. in my area bank is emotional and irrational too. seller may be desperate.I'm learning too, if it doesn't make sense move on, or come back later hope seller cools off

There's very little "genuine Maine" about it any more and prices are irrational.

If I feel he’s making a big mistake and is being irrational I’ll tell him so and if I know of a solution to his problem that saves him money I’ll share it with him.

Any of us with tenants in C/D/F areas know that you're sometimes dealing with irrational people.

There's this irrational fear of professional property management- people think it's too expensive and every property manager is lazy, crooked, etc.

They seem to cling to cap rate irrationally.