Pensacola is a great market for investing and the number of properties available right now is up so there are actually some on market properties with potential. 

I'm also looking for stable population and potential appreciation. 

This signals long-term appreciation potential.

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.

Hard to give up such a low mortgage rate, but in the end that's small potatoes compared to potential OOS problems.  

Also, most Umbrella Policies only pay out if your underlying policy pays out, and the underlying policy will do everything they can to find an exclusion or that you were negligent (which you probably were) in the cause of action to get out of paying the claim.

Your property definitely has the potential to benefit from a cost segregation study.

This will then allow me to do a sewer scope if/when the inspector finds a sign of a potential backup.

I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

Also makes it look professional when a potential renter comes to look at it.