You are going to have to find pretty smoking deal in order to be able to refinance in one year with the 20% equity required to remove PMI.

Now I am personally not a big proponent of smoking the thing because I feel it takes the edge you need to excel and it surrounds you with lazy people.

There are often hidden costs--such as: engineer certification of the structure (depending on what the city requires) smoke damage to portions of the unit(s) that are "not affected" additional insurance during the rebuild, sealing the framing that has smoke, etc. 

When I lived there in the 90's, Rio Rancho was the smoking hot place to buy.

missed one over a smoke detector that tenant had taken down and set on side-table... it was literally within eye-shot...

The smoke is so bad that I'm giving the appliances away. 

(a) If a condition results from an insured casualty loss, such as fire, smoke, hail, explosion, or a similar cause, the period for repair does not begin until the landlord receives the insurance proceeds.

Turns out one of his tenants was smoking (not cooking) meth in the unit.

Smoke from a house fire is by definition a contaminate.

During our inspection a few months back we could smell smoke in the unit.