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I would consider this folk art and wonderfully naive. The scene depicts most likely former slaves by their cabin. The dress is 19th century but artists can reproduce the elements. Would need to see the texture and paint through a lens as well as the frame itself including back, and the material for the painting (which looks to be water color), however the frame looks period. Scenes like yours do well in primitives, folk art and in Black Americana and are scarce. Can you get some better images?
Still not the best images but the frame looks period and original. The paper also has age. There is a possibility that the watercolor was done by Emma McIntyer - hence the initials E M on the front. As I said it is a naive and folk artsy painting. The smallness is unique and I think you were offered a more then fair price. I suggest you post this on both Black Americana and the art forums. and see what other opinions you get.