Hell no! I was on $20/hr when I bought that place. ($<40K/yr) Then I needed to refinance to update the kitchen & repaint etc. The lesson is - Property doesn't always do well & don't buy in a small country town where there's minimal capital growth & properties can be old which requires maintenance.
Follow up though.... I sold this place in October 2021 for $250K. I might have sold a little early but I'm glad to be rid of it plus I couldn't afford the large maintenance that needs doing (restumping, new roof etc) It's put a small dent in my current mortgage but still got many more years of working to go
