To that I'll say a resounding Yes!

A really good return on a $100,000 SFH is probably $300-400/month after Principle, interest, taxes, insurance and say a $100 maintenance reserve..  

Certainly the tax advantages are a huge consideration and I am trying to assess those benefits against, let's say a 15% loss of value.

I will say as long as your alright with paying up for the better area, and your comfortable with waiting for the right opportunity to come around then it will definitely be worth your while.

I assume as with most markets there is some give and take in what you're willing to give up for say a better deal or neighborhood.

But, assuming say a 300k sales price, single family home and typical 30-45 day close with a 2k buydown we would be in the 6's for a 30 year fixed non-owner occupied. 

More importantly drawing full lines to purchase say a property in cash how does that impact your score?

But I also know people that have say a duplex or quad and they make the tenants take care of the common walks, as well.  

@Chris Mason to confirm you're talking about getting say a pre approval through a lender to refi then buy cash and within a week or two refi the property?

Thanks to everyone for the great info - would you say a Phase 1 ESA isn't always crucial, especially when purchasing vacant land that has little to no chance of contamination?