This fluctuation has run its course and left a more reliable market in Southern Arizona.

Just from reading your post, the fluctuations in the market got me nervous!

Any paper appreciation is temporary and subject to to economic fluctuations.   

The 125K-200K price range houses tend to be the most resilient to market fluctuations and will appreciate heavily again when the market strengthens. 

My income is around $30,000 a year but fluctuates.

Plan for turnover cost in your model (whether you outsource for it or not you will still have cost associated with materials and your "time" away from the family and other things).FWIW - we use property management and model in something like 33% of units turnover per year (of course will fluctuate with each property/location,etc) and about $200-500/unit each time it turns over.  

As I'm sure you are aware there can big fluctuations throughout the city.That is my (limited) experience.  

The economy fluctuates, politics change etc.

HI Becky,FHA streamlines can be complex since there is upfront MIP or UFMIP that gets factored in as well unless the lender said they are going to issue a lender credit large enough to cover that in cash at closing for you (you'd need the 3167 in closing costs + the 1.75% of your loan amount which can add to thousands more needed).3.875% is not bad if you're no longer occupying the property and youre doing a FHA streamline on a "non owner occupied," property.Right now Streamlines are around 3.250% with up to .50% back on any given day since pricing fluctuates day in and day out.Like I said though, non owner FHA streamlines are more costly so with out knowing all the lending criteria no lender can accurately quote your scenario.All things considered, if your current loan balance will not go up, you'll save monthly payment, and you will not bring in little if any closing costs then its a great deal because there is only net net benefit.The critics will say but ohh you restarted your 30 year fixed loan or that you'll have MI for life.

Where can I find the hard numbers for the fluctuations in real estate value for my area?