Time to hit the punching bag or lift the weights.

#2: what's the likelihood the value will reach $300k in Perris, CA (inland empire) again#3: is it wise to pay down with $10k to make to remove the MI, lessening the monthly payment amount.

Weight the pros and cons, know the market and comparable. 

But at the same time you will not accept someone only being needed to finance only a portion of the deal which decreases the expenses of financing because they could have made more by using that money to their advantage.Is there a better way to accomplish Mike's objective factoring in the cost of money, opportunity cost, and some kind of weighted (il)liquidity factor?

Let them take the middle of the night calls, finding contractors to service what ever broke Friday night, etc..Expect to pay 10% of the rent for a good manager, but mine are worth their weight in gold.