Then if all goes good and QE3 causes house prices to rise, maybe you can cash out (before the collapse) and do bigger things.

if QE3 helps prices rise, maybe you can cash out a bigger winner.Does this sound like a deal?

I will leave it up to expert on Bigger Pockets to answer your questionsIf I was in your market~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I would personally consider student housing as an option Regardless, welcome

Comp 2 had a much bigger lot and that was adjusted.

I myself own a property in Racine which was my primary residence for a short time until I divorced my wife and moved to Chicago...I had it built(stupid, I know but it was what the lady wanted) and ultimately couldn't sell it when I moved as it is in a new subdivision and there are a lot of nicer, bigger, slightly older homes for sale in the area for less than what I owed on my loan, plus there are more than a few foreclosures/vacancies in this neighborhood.

As it is, there are a lot of people willing to walk away from their houses given how underwater they are.They figure its better to take the foreclosure hit now on their credit and wait the 3 to 5 years in order to buy again given that they don't see the price coming up to what they owe in the next 3 to 5 years.If houses were to drop another 10 to 15%, that would only be a bigger incentive for people underwater to walk away.

Fellow Biggerpocketers (Yes it's a word..Lol)I've been reading here on Bigger Pockets for the past 2 years and have gained some valuable knowledge along with getting some much needed advice on a couple of investments that I'm sure I had no business even looking at.

Since the house was built in 1978, the bigger problem is asbestos - the drywall joint compound, sheet vinyl flooring, acoustic ceiling exture, and other things are likely to be made with it, so it is really an asbestos job, and that is highly regulated.

Brandon:Welcome to Bigger Pockets!

If she can get financing sometime soon, you can move on to bigger and better things, and everybody wins.