Move the goal line right at the end.

Therefore all it takes is an incredibly successful property or a complete dump that has a hot tub to move the numbers in one direction or the other.

If the home is more than $365K you would just need to run the LTV to see if it was around 80% in order to remove the PMI but again the rates still put you around 6.25% at best.I would not move out until you refinance if it is an FHA mortgage because when you go to refinance it will be treated as a "Non-owner occupied/Investment" and the rate will shoot up to above 7% again if the LTV is down to 80% to 85% Max.  

We have such a housing shortage in Milwaukee that people will get desperate enough to sign up for more than they can/want really handle - and then move.

When there are options, unless your place is extremely special, the only way you can compete is on price.

For example, an investor I know had lien put on her property in San Francisco because the nightmare tenant didn't pay the last trash/recycle  and water bills before tenant moved out.

I've been trying to plan how to make my move. 

If I win this bid, I would rent out my current residence and move into this one for about 2 years.

Now giving some equity in the sub market Im starting in is kinda a venture capital-esque move.

If you can move, there are some other spots in Ohio where you can get a better deal on land.