Here where I am 1/3 of the county has or is facing bankruptcy, and houses that would, in a good market, sell for 75,000 are going for 35-45,000.
My husband and I are about to sign a contract, allowing the people to rent for a year and pay off the balance,right now we owe under 73,000, and if you add our basement, we have over 2000 sq.ft and a lot size of .26...this place is to big for me to take care of now, I have FMS, and we are looking for something smaller, thats why the question was posted.
But thank you anyway.
Here's a link with an explanation to options that may be helpful to you.
Lender guidelines allow only that portion of the rent paid over and above market rent to be credited toward the down payment on a lease-option.
Market rent for a 1 bedroom condo in your area appears to begin at $700-$800.