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Usually that market is OO (I live in this kind or market and there are by far fewer rental homes here than in the cheaper ranges). A seasoned investor not only does their DD, they don't favour the 1M+ residential market for PI over other property investment. So not only do you need a mug...

Why have you been renting the place out at $850 when you could command $1000, or are the ones commanding $1000 better properties? If the others are better properties, 'inflating' the rent on your property won't change the fact that your house is not as good as these other properties. If...