Where are we going with this post.It seems like it's devolving into a "masqued" Global Warming/ Cimate Change thread, vs a "Lets All Make Bundles of Money in Real Estate" thread.If you believe for whatever reason CocaCola drinking Polar Bears with Sunglasses on will be floating into town on ice flows--buy somewhere else.If you believe the Science is a Manipulative Fake -- roll into town and sweep up the good deals due to lowered demand.Its no different really than which area of a city will Gentrify next. 

Given this scenario and that I have a 25 year amortization with floating rate when would you refinance?

You should be able to take that first 20k profit or which ever amount and use it to float you until the next property is completed, no?

I am drifting more towards selling as well but also trying to determine what the pros are for keeping it.

(I bet yours is the same one floating around by others, like Robert Allen, 10 years ago.)  

He'll get the drift. 

In regards to your use of floating rate debt, how high do you set the rate cap, say above current rates?

He gave the same guru pitch one has heard endless times of "I'm giving you this and that...plus that and this......totalling smillions of dollars worth of valuable education and marketing, but tonight and tonight only because you showed up I'm giving you a huge discount to only $19.95 (actually a little more than that but you get the drift) ...plus I'll even throw in...."

It's an odorless fog that will not drift into adjacent apartments because vapor doesn't "drift," it dissipates so it can't leave any residue on walls or in carpets, etc., and you may even be helping some people to quit smoking cigarettes by switching to PVs.As for public/government housing authorities, the key word here is "government," which translates into "control."  

Not to mention they have some nice looking linoleum nowadays or even the life-proof floating floor.