I have a clear cut and dry eviction case I think.  

Just because it is a good deal, doesnt mean it is, after the ink is dry on the mortgage.  

or should I keep dry powder and wait for the next correction and try to score large?

Luckily, my house is still dry but mobility is severely limited.

It will be interesting to see if this event tips it into a seller's market for those high and dry houses.  

@Brandon Turner having lived in Nola and gone through Katrina (not directly, our area stayed dry) but as a Realtor, if it is HIGH and DRY prices will rocket up.

It's pretty simple, his listing was bone dry, a picture showed the home with a garage, room for rent 875.

You would have a tough time taking money out of the deposit for dry grass.

I don't have that experience; so, take my feedback with a grain of salt and I will take a stab at it purely from a business sense.You are going to have to decide what is more important to you (1) separating or (2) keeping your dry powder.  

I am a dry, maybe slightly damp sponge, my whole existence right now is wanting to fulfill my duty as a sponge and absorb any and all information, good, bad(preferably not), and ugly.