With interest rates where they are I would take advantage of that if you're comfortable you have a long term job that is not subject to market fluctuations (e.g. deep water drilling or onshore fracking).My only other question is this: are you sq ft rent rates / investment in California significantly higher than Houston that would prevent you from selling the CA property?  

It is pegged to the dollar and does not fluctuate at all...even during the March drop.   

It should not come as a surprise when the actual returns vary from the averages for a particular strategy, due to all the risks inherent in underwriting multifamily: management risk, changes in submarket, cap rate and interest rate fluctuations (if refinance is part of the exit strategy), etc.

During the next 10, 20, or 30 years we will see positive and negative market fluctuations.  

Could be some fluctuations in rates between commercial and residential.

Fluctuating expenses?

I read interest rates are variable and can fluctuate from 9-15 percent.

Yet there has been a spike in property values in that section of the city. the closer to Cedar Park the better. as you move closer to Elmwood you go deeper into sw and the value takes a dive. though it fluctuates in SW as it does in the rest of the city. that's just the way Philly is. even in hot sections, whether they're up and coming or consistently hot, prices can vary tremendously. perform your due diligence thoroughly. my coin.kudos,Mary

The study will take into account the fluctuation in value of the peso from when you purchased, to where it is now.  

Sometimes that is much easier for them and less risk to you when it comes to fluctuating rates.