Another reason Florida in particular is at risk for a crash is the large proportion of 2nd/vacation rentals.

Finally if it looks good then its time to model out the cash flows over the life of the project and apply either a NPV and IRR/MIRR to the deal.Once I have the model, then I like to see what proportion of returns come from cash flow, appreciation, tax savings, and debt pay down to get a sense of how sensitive the asset is to changes in assumptions. 

You also have some very respectful, caring, long term tenants in Class D areas, as well, but as a proportion they are fewer and further between.  

I had this happen...the Inspector actually wanted me to X-Ray the slab and core drill it to show him the compaction, steel, vapor barrier, etc.

Your property tax exemption is proportional to the percentage of the property that you occupy.

People at all income levels can be effected from economic down turns, and if you are catering to the broadest proportion of the population you will likely see residents move up and down the economic ladder through your property, providing steady demand and relative stability.

Two bank-involved closings in short order may not be insignificant administrative costs in proportion to the deal.Your "re"finance could be your first leveraged financing.

Rents drop proportionally, so overall your returns should be the same.As a new investor, I'd caution you to keep in the mind the big picture. 

Now that international money has discovered the DFW area, I'm sure a fair proportion of buyers are investors paying cash so it doesn't matter what the interest rates are.

You are able to save a larger proportion of your income every month to use as down payments or leverage for a further investment!