I did the same, except values never dropped where I was at. Sold for a 20% profit 3 years later. Real Estate prices are extremely local. There are many places

I did the same, except values never dropped where I was at. Sold for a 20% profit 3 years later. Real Estate prices are extremely local. There are many places where buying will likely never payoff. In other parts of country, renting is significantly more expensive then buying a similar home.