Thank you for the input, @Travis Timmons & @Jonathan Greene. I greatly appreciate it. As Travis mentioned, there is motivation by the location, as we frequent the area for personal use and vacation, but that is not the only motivation. The saturation does give me concern, as it will be hard to make sure the property stands out from others when it is so far away from home without significant time and effort to keep up on theming, not to mention that you are at the mercy of your management company for some of the placement.
With respect to rates, I have no delusions that the rates will come down, the refi is more a protectionary measure to make sure that we do not end up upside down on a mortgage if we just pick an arbitrary number and say, put 40% down on the property at 8%. It also allows me to get a realistic idea of vacancy rate as well as other anticipated expenses. Again, thank you both for taking the time to work with me to understand the challenges, your responses are invaluable to me.