We picked up a "720 sq ft" 2/2 REO on a double lot (.6 acres) with a large 2 car detached garage for $50k.  

The prices are still below 100k in the area and you can get 3/2 2 car garage for that price and rents are anywhere from 900-1,300.

Car has been paid off for 5 years.

We immediately jumped in the car and went over there.Looks like 1950's 3 bedroom, probably 1500 sq ft.

I wanted to build a 2b/2ba/2 car garage "cabin" and I would have started that actual building in 2009, but I ended up getting married that spring, and the cabin is still isn't built (major change in my bachelor house design)...

It looks like I'm not the only one that thinks you're getting a little too comfortable with the bikini babe/fancy car/mansion crowd ;) I'm a year away from 40 . . .

I think he got some of that cash through a land deal and a car lot deal.

Thought would be use combo of 20K and private/family loan $$ to get into a larger property, cash flowing at some economies/cap rates as my current props and accelerating cash flow.

Is it multi-industrial or does the economy in that city depend on one industry? 

when I started buying I had the same problem.I met an agent who most would not work with.He was very poor,hardly had a car, proper clothes etc.