So, it's still a viable way of investing, but does not have the same scale of success in today's economic environment in higher appreciation markets.

If it's just slapped in the backyard, i'd imagine it may not make a big difference but if you create an environment around it, it could be different.   

Let’s break this down:The case for holdingThe 4.75% interest rate is a valuable asset in today’s high-rate environment.

In today's tougher economic environment, I have recently experienced two cash calls.  

Before I jump into the cash required to operate which isn't given enough attention by most investors there are additional fee related questions a borrower should ask any prospective lender: Are the 3 points inclusive of loan doc prep?

This isn't inclusive but should give you a good start.

Limited capital means that partnerships will help us move faster while the environment is profitable.

If you can get a big 4-5 BR house with a view for a under a million bucks, i'm pretty confident you can cash flow it with a good return, even in a 6%-7% interest rate environment. 

What do YOU look for when roaming a new environment for that purpose?

I would suspect once investors digest the higher rate environment and some of the hurricane damage is moved inventory will settle out in neutral territory.