A quick pay off will reduce the future capital lost to interest, unlock the portion of your monthly income that was previously used to service this debt, decrease the risk lenders perceive in lending to you, and decrease the consequences you may face when you end up with a bad deal (those are part of the game and there is really no avoiding them).

If you can leverage many more units in TX, see price appreciation (cap rate decrease), then the reduction in income from taxes is more than offset.

The population of Illinois has been decreasing annually for some time.

Tiana O.I've read 6 month also, but I think as a general rule 1 year is 'safe'..I'm sure there are other situations that can decrease that time frame, but generally speaking 1 year is a good number to use. 

I'm happy the rate decrease has been suspended, but you're way understating the impact on a $417K loan... $87/month.

In the last four years in the Denver Metro area, the median sales price decreased about 5% from the summer peak to the winter low.

No increase but no decrease.

Demand can increase/decrease at a much faster rate than pricing/inventory and demand can be influenced faster from outside sources like the stock market, fear etc.

I used $375/mo insurance (based on a quote with $2k deductible from my current provider which could decrease by $64/mo with a $5k deductible) Taxes of $712 (confirmed through assessors office) Maintenance/Repairs of 5% (maybe too conservative, but considering the rehab)Management of 10% (even though I intended, at least initially, to self manage) Vacancy of 8% (The average for the area according to Sterling's is 6.5% but I figured with a C class property it was best to err on the side of caution)I also used $341 for water/sewer which, as it stands now, is paid by the owner not the tenants.

Seems like a great way to decrease construction time and ensure quality, but it doesn't matter if banks are afraid and won't lend.3) What doesn't a new investor to this space know that can ruin him/her?