Our strategy is to rehab the units and do deluxe upgrades so we can charge a premium for rent.

(Reduce expenses and/or Increase income through rent premiums).

I wonder if you are having issues also getting the premium/difference in rent too?

That premium fee hurts the most.

Are you asking if it would be better to refinance and pay down your current mortgage 20% or to 80% loan to value or continue pay Mortgage  Insurance Premium (MIP) on your current FHA loan?  

It wont really take much analysis to figure out what your general area yields...then if you want the higher yield than where you are currently located, then you just need to follow where the risk premiums rise over your current location.

If I don't have a "100 year" flood in the next year and a half, I would be able to cover that $1000 claim if I saved the premium.  

Your annual insurance premium will be directly affected by the flood zone you reside in, and the broker would be able to pin down the costs associated with that.

As far as I can tell from countless hours of research....Stay in A/B marketsVet/hire a good PMBe prepared to pay a premium for almost everything Be okay with lack of/decreased cash flow in the present/near futureBuy as new as possible (rehabbed or new builds)Check in with your PM often Be prepared to travel a few times per year.

The higher the deductible the lower your overall premium but get quotes on all the deductibles you are interested in.