I’d like to diversify into another market in the near future - so we may be looking again in Montgomery.

Markets swing.

Off market preferred.  

Sold for 155k, my investor plans on doing some light cosmetic updates to bring this back to life and get it on the market for rent asap.

There are great tenants willing to pay market rate.

Charleston is such a great market.

Were you getting others offers when it was market, and how long has It been on market?

Considering their LTV is at market or debatably below market (depending on the asset), if the interest rate or loan terms aren't advantageous, I'd also suggest getting quotes from other lenders.Since you are located in upstate NY, I'd look for local banks.

The construction cost is estimated to be around $180,000.Buying a Property in the Midwest: Alternatively, I could take the $180,000 and buy a property (or properties) in the Midwest, where the rental market is more affordable.

I'm a Broker / Realtor & Property Manager in the Metro Detroit market (Michigan) and have connections with lenders, wholesalers...you name it!