Much lower price point for ours than yours and they aren’t lasting on the market.

Wages there will be lower, too.  

For a lower entry point, Thornton, Aurora and federal heights are good places to start. 

not a great deal compared to buying 5 year term first trust deeps on performing rentals that pay 9 and 10% and you get paid off in 6 months then what .. no return.. until you find another deal so your drag on money turns your return much lower.. now if it was 10% or 7k over 6 months that would be something to think about.. but not an interest rate for such a short duration.

My only concern would be a drop in the economy and not being able to cover costs in case I had to lower rent. 

Here in Chicago, the $1M+ SFH market starting really softening about a year and a half ago but for several months no one lowered prices.

Lower to market n you'll have a tenant by next week Thursday. 2.5 Months without rent is $5,000. $65 a day adds up fast. 

You could lower your down payment and delete the closing cost by getting the home Owner to finance. 

Also, if it has been on the market for that long- over a year, then I would offer a much lower cash price.You didn't say what the rent was either? 

Over time, I suspect I will become more conservative and have more equity in my properties, lowering the RoE but also lowering risk.HTH