Or, the "bubble" isn't actually a bubble (historical evidence strongly contra-indicates this) and prices never come back down, so I'm left with one less rental and a pile of cash that's being devalued by inflation.What say you? 

Every year inflation devalues your loan and increases the value of your property.

Real Estate is a good bet as inflation continues to devalue the dollar.

I'm worried replacing original flooring will devalue the home.Is it advisable/possible to simply contract a flooring specialist to cut out the damaged boards, check what's underneath (with joists) and then go from there?

I’m prob missing something though.. granted, you have made some interest spread over that time frame but it may not equate to the amount the asset has devalued over said time?

It will take a while before we see inflation come down again to 2-3%, probably years.We are witnessing the biggest devaluation of debt in the last 40 years as the dollar is losing value.

Supply/demand will continue to trump government intervention in these markets.Secondly to the point on debt, in an inflationary time, being out of a devaluing currency is far more important than remaining liquid in my opinion.

That said the OP was asking about the Fed's announced interest rate hike, and IMO 1% bump in interest rates isn't going to devalue real estate.

If the dollar is devaluing 20% over the next 3 years, that means all your metrics are 20% better seen from a 2025 perspective.

I never said the appraiser devalued the property.