I would also add some things that you might not have considered.
I'm sure you've heard this ole adage, you get what you pay for. Based on the quick search I performed I found it's either 1) a condo, unless condos are prevalent in an area I would pass OR 2) There are a bunch of repairs that will be needed because it's a foreclosure (not to say all foreclosed properties are in need of a lot of repairs).
Isn't cheaper. You've mentioned the monthly cost. Something you're not considering when you own real estate there are property taxes, insurance, mortgage insurance depending on the amount of your down payment (none if you put down 20% or more) and association dues. I'm not making any quotes. I am only using the figures from your original post: if rent is $400 and if you were able to obtain a loan for $180/mo. The $180 + $200 for taxes and insurance for Single Family Residence or for a Condominium you'd pay for the same taxes but the insurance you pay is an HomeOwner's Association Dues (which includes walls out insurance for the Association) and then you buy a H06 policy too, this covers the walls in and your contents/personal belongings the cost would be over the original $200 used solely for example purposes. All in total either way you're paying just as much as renting, if not more, in monthly cost.
I haven't even mentioned that with a landlord, they fix everything! If you own, you are the landlord. There is bound to be something that needs your attention.
So, while all of the other advice is great too, I wanted to provide something more towards how it would affect you financially if you did decide to move forward with buying.
I hope this helps.
I am a licensed mortgage loan officer in Ohio only. My licensing and contact information is in my profile.... more