Those are likely areas with a very low percentage of homeowners, and therefore, very difficult to sell.

I haven't even realized it until the last year. 5 years ago I was having a very difficult time post graduation.

If the owner - the one who is paying their PM fee - can't get a hold of them, how difficult do you think it's going to be for your tenants to get in touch with them?  

I prefer a more balanced approach by assessing the resources in the area before I commit to the market. 

In west coast most home owners filled the pool with dirt as local water district on and off for years to make water fill difficult and expensive.  

also what 30 yr fixed  rate are you considering and what are the closing costs/ loan fees  associated  with the refinance …..you might ask  for  " low cost "  rate options for the refinance  in order to keep these expenses down …...if you refinance the loan to a new  30 yr fixed in order to make it cash flow better - always keep in mind that you can  apply extra payments to the new loan to  whittle the balance down

The balance is the necessary Equity. 

Sometimes this alignment can be fixed with a simple conversation with a very good attorney and the city's attorney.The real question is will it be worth the expense and potential discrimination that could follow from the city - I have heard stories where the city will have their inspectors get very rigid when they do not get what they want to make the owner's life more difficult. 

If you feel its difficult for buyers to understand your layout or to accentuate a flow or design I would definitely say yes. 

The second is the amortization schedule that will apply, so yes, there will be a balance due at maturity.