Any and all perspective is welcome, but below are a couple things in particular I'd like to have answered:- Do you/would you invest in this area?

We managed to get our soon to be property for under market value and below list price, and it was only then that it REALLY occurred to me the potential this strategy could hold.

If interest rates rise, then my home value may be lower, but the demand for a good rental will increase.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

I bought a bunch from HUD back in the day www.hudhomestore.comMLS can still be a good source if you know how to filter out the wrong things

I lost out recently on a triplex which was 30% below market rents /owner paying water & a low cap rate.

You can jump on my list on my website below or just send me an email and I'll add you.

It would look similar to the house below, but on grade level.

I haven't did any deals before and I found a very good one well below market value, the seller only wants cash though, if I was to use a hard money lender could i purchase it that way and then finance it with a bank?

My market is still depressed and about 30-50% below the 2006 peak.