The bottom is within 12 months for these prices

40-50K is possible, but I don't bet on it. Afterall, for a 75K house, I will make a solid 300/month. When it drops to 50K, I will buy more, making 500/month. Anyway, it's in solid positive earning environment. 50K or 75K all make good money for me. The more the better. Don't focus on waiting for 10-20K drop, focus on getting the loan and buy as many as possible. As long as you can get the loans, and you make 300-500/month on each house, buy unlimitedly! that's the idea.