Wondering if any body had similar experience?

Yes your score will be impacted by many credit inquiries.  

I am more concerned about the impact of rising rates than on transaction costs in getting out of a loan.

I am glad that this post has had such a positive impact on people.

Time value of money is the concept that the timing of cash flows will impact their value to you.For example would you rather have $10k today or $10k a year from now?

I will say this, we don't allow pets in our rentals because of the negative impact they can have on other tenants. 

But I would like to suggest that the reason most RE investors do best locally is because they see and recognize the increased activity with their own eyes and read about local changes that impact neighborhoods or areas in the local newspaper...or before, which is why local officials often own prime property when roads are announced.

@Simon Ruiz I think it would have at least a small impact for sure, economically if a tram cut a 2 hour commute in half and the average person makes $25 an hour plus say $5 in gas that's $60 round trip.

They are able bodied enough that they could get some sort of job somewhere.

Each home yields the same 13% cap rate but you also need to deduct the cost of borrowing the money from your bottom line.House # 1: Price: $100,000 Annual return after expenses: $13,000House # 2: Price: $100,000 Annual return after expenses: $13,000House # 3: Price: $100,000 Annual return after expenses: $13,000House # 4: Price: $100,000 Annual return after expenses: $13,000House # 5: Price: $100,000 Annual return after expenses: $13,000Total Portfolio: Price $500,000 Total return ($13,000 X 5): $65,000Total Interest: ($500,000 X 4.5%) $22,500Total tax savings ($500,000 X (4.5% X 35%)) $7875Effective Cost of interest ($22,500 - $7875) $14,625Total Profit: (Total Property Return - Effective Cost of Interest) $50,37550.375% Cash on cash return.Notes: Of course there are a few factors not taken into account as well as other over-simplifications with this model but it is meant only to prove the point of how leverage impacts return.