Awesome post David, thank you.I think Jim Grant said it well when referring to treasuries, he called them "return free risk" ;)  It's so true though, price discovery is out the window when the cost of money, or one half of every transaction, is manipulated.  

So far I have identified several interesting properties that are within 1-2 miles from RIT. 

@Scott SchumacherThese are 1 owner searches, although we do go the extra mile if we need to go back a few.  

A 220 space park in Raleigh where the lot rent was about half the market lot rent.  

in 2004 for 40k and  still owes about half. 

We actually drove 500 miles to look at it about three months ago.

I work full time in a town of about 3000, but would like to focus my initial efforts about 25 miles away in a town of about 50000 people. 

Bummer, so now I am looking at a 6 bedroom 5 bathroom (2 full 3 half) Victorian home for 190k.

The walls are original brick, with some water proofing material painted over the lower half.  

I'm about a mile from Keller, so we're close, too.