It seems that you may be in a good market even if the overall outlook looks gray

But that is the GRAY AREA.

Flood insurance can really break a budget in Grays Harbor County.  

The stone facade consists of mostly grays, browns, and beiges.

Are there some gray areas?

Putting some replacement wallpaper up is obviously a repair.The IRS gives some examples of things that may fall into the gray area, but are actually improvements: Additions, like new rooms and decks Major changes to lawn and grounds, like roads and landscaping Miscellaneous major upgrades, like rewiring or a new roof Heating and air conditioning units Plumbing systems Interior improvements like appliances InsulationThe difference between an improvement and a repair can be a costly one.

You have many issue regarding the IRS guidelines where you can find yourself in gray areas, you lose the depreciation tax deduction which is a huge benefit to holding RE (the IRA is already a tax deferred account), and there are several other disadvanatges.

There are people here who are awefully quick to give black or white answers to a very gray area question.

Texas will have the number one running back (Jonathan Gray) in the nation as a sophomore in 2013.

@Zareth Gray great to see you here!