When I first looked at my market coming from NY I could not believe that someone could buy a whole house for $30,000.

I wouldn't know how to comp things on the high end, I'm not sure there's a whole lot of logic applied.

I look for rents of 1.5% of purchase price at a minimum, and if I'm going that low the utilities need to be tenant paid.The reason for that is given a 25% down payment and current conventional rates, I can achieve a 15% CoC return (using the 50% rule).

I don't believe investors attracted to this particular asset class will settle for the same returns as Commercial REITS achieve.

Stay away from pure idiots and self centered high achievers, either can be difficult to argue with IMO.

It tosses that 50% rule out the window.....it's a whole different way of doing business and having a long term business operation.

There is a lot more to the whole picture (water, topology, etc) that is far less pertinent to the question, but would impact some of the numbers, but not too much. 

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If the seller sells the property to someone else, the optionee would have to go after the seller to be made whole.

The whole subletting thing was just a smokescreen.