Anecdotally, from searching Wake County (WC) NC records, defaults remain at near all-time lows, and I see this market (foreclosure/pre-foreclosure) as an opportunity not worth pursuing.

When doing this strategy you will can put down as low as 3.5% -5% down.

Many don't qualify for low down payment/FHA for a variety of reasons, especially the ones sub 200K. 

@Thomas Loyola you haven't addressed the Class of property you intend to buy, so your assumptions could be too low or too high.Your biggest challenge is you are assuming you have to pay asking prices!

Usually for first timers and low down buyers the underwriting is a little more simplistic than traditional buy/hold investors purely seeking yield. 

Quote from @Bruce Tieu: Quote from @Bonnie Low: It's easy to get ahold of the planning department for the particular city or County you are in.

What is the strategy to refinance the properties if the interest rates do go low moving forwards.

Then I give an estimate of my certainty for each item and use that to calculate high and low values.

When I sold my properties, the price did not increase much (though there was still a slight profit, couple with the rental I had over the years and currency gain (bought when USD was low and sold when USD was high).

I tried to get a HELOC on my rental property, but the bank denied me for a low loan-to-value on the property.