C.A.R.’s statewide sales price-to-list price ratio was 100 percent in May, unchanged from May 2017.

How often would you have to lower the rent vs. how often do rents remain relatively unchanged?

If you change lending preferences, your list remains unchanged.

All other things being equal, here's roughly what your position would look over the next 8 years with 3 different scenarios (all assume you HARP and hold and don't account for appreciation)Bad (prices/rents decline 3%/year, expenses run at 50%)Combined 8 year cashflow: -$39KProperty value gain/loss: -$25KTotal gain/loss including paydown: -$35KFlat (prices/rents unchanged, expenses run at 45%)Combined 8 year cashflow: -$28KProperty value gain/loss: $0Total gain/loss including paydown: $0Good (prices/rents rise 3%/year, expenses run at 40%)Combined 8 year cashflow: -$16KProperty value gain/loss: $30KTotal gain/loss including paydown: $42K

All other terms of the rental agreement remain unchanged.' 

Even with these, things can get sideways (ask me how I know...).At this point, I recommend getting the written change orders and discuss what is going to be changed and the related cost, what is going to be left unchanged (no additional cost), and discuss who is paying for for the changes (based on unforeseen repairs or contractor error). 

Mine went unchanged BTW ...Now, in PA there is the "common leveling ratio"; see link for how to find yours:http://www.portal.state.pa.us/portal/server.pt/community/realty_transfer_tax/11417/common_level_ratios/580584How those numbers works is as follows.

If it costs you $6000 to convert (and I am not saying it will) then you would have pay back in two years providing the rent is unchanged.

I can envision the IRS ruling that the lot size should have remained unchanged even though the legal description remained the same.

The depreciation for the dwelling structure remains unchanged