It is very hard to get a loan nowadays for the average joe who doesn't have 5% to put down or good credit so yes there are lots of renters and in my area, lots of new government grants for voucher people.

As I consider war zone and slumlord, section 8 tenants couldn't live there since those properties would not pass inspection.Jimmy, I have had years in the non-profit housing arenas and all social support organizations (NGOs) and government offices (police, fire, health, etc.) meet and discuss these topics.

Private devleopment funds investing $100's of millions, local government incentives and tax abatements, new streetcar program just received a $25 million Fed grant and is close to fully funded (and will run directly through OTR connecting UC and downtown), new urban casino development nearby, and with CBD and UC close - it is wedged between the largest employers in the city.I know Cincinnati has a "rust belt" feel to it, and indeed the population has decreased over the past 30 years but has stabilized (will be interested to see 2010 census on the area).

The following are excerpts from an article on Reuters.com:"Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth...

Swallow and pay every dime they earn to live a restricted (since '06: never go out, no travel, no vacations, no gift giving at holidays, drive old cars, buy used clothes, etc.) life for the next ten or fifteen years, fearing job loss or pay cut daily, only to find out at retirement that I have to walk away from it then, can't sell it, perhaps have to file bankruptcy, then, and live in government housing for my retirement...?

There are many government loans and grants available in the housing arena for non-profits and they are given preference over for profit entities.

Despite the overal economy there are some stable markets out there.Salk Lake City Utah area, where people from other more expensive states are moving has relativily low unemployement good tech sector growth and high demand for rentals.

Money does not grow on trees so that it can be wasted by the government.

The house looks awesome and should yield you a good market tenant or if you want some drama in your life, a decent government funded tenant.

Bottom line is the state and federal government are looking to make sure that someone is paying the tax.