The amount people are willing to pay for junk I bought just a year or two ago is shocking.I paid $6m for a property I bought just over a year ago and got an LOI for $9m. 

I just bought a duplex in Lake Worth from a homeowner who was going through the exact same thing.

I don't think they'd have any trouble paying even if they bought a $1M house somewhere else.

We bought the home on June 10th, 2018 on an off-market deal for $80k, then re-listed on June 13th for $150k. 

Im not playing in SW WI, but i do in Northern WI, you really need to know your market and numbers, compas are tougher to understand, but I do well im my markets, the majority of my portfolio is either rural, or in towns below 15K people. if you have a good team and a PM that operates at a high level, those markets can be gold, but its not for everyone, its not easy, but generally there is little competition and high demand@Michael B. population of 70K is quite big in most of WI other than Milwaukee, Green Bay, Madison and Appleton, there are not many cities north of 50K populations. 

She was an inherited tenant when I bought the place in 2015.

I’m guessing you have no true equity since you just bought with FHA.

I bought it in 'O5,  puts lots and lots of money into it, completed it from 1 rentable unit into 4 rentable units, still owe quite a bit on it, and it still need lots and lots of TLC. 

There are a lot of people who bought property at $300K, made payments for 20 years, and found out that their property is now only worth $100K.

I bought a house in CA a few years back that had a backyard shed that was transformed into living space (guest house).