So Hugh/Dan/Scott...what are your property taxes like? The house I'm buying runs about $1600/year based on an assessed value of $280K. The missus and I passed on a killer deal because the property taxes were over $6K per year ($400K house for $289K...foreclosure after first payment default
The guy put $10K down and lived in it for 14 months before he was kicked out...pretty cheap rent, I suppose). we're seeing some weird chit here as well.