Full Disclosure I work with REI Nation which is a turnkey provider and we operate in 11 different markets all in the southern/mid/central part of the country. 

You can also factor in a path to ownership.

I live in a 2200 square foot house and just got my power and gas bill; power was $68 and gas $55.Several years ago we had a bad ice storm here; knocked out power on us for 5 days (worse for others out in the country). 

If you decide to refinance and pull equity, you won't be able to utilize the 5:1 ratio which your cash should be providing you.As for which path is better is a highly personal one.

If this is a lower end rental with that potential it may make more sense to let them walk then to go down that path.     

One source of cities to avoid is Neighborhood Scout's 100 most dangerous cities.Disaster Risk - Some parts of the country suffer frequent natural disasters.

Then I thought well, my guess is finding a replacement or service probably isn't easy these days in this part of the country as everyone is seeking new or fixing etc.  

As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

Looks like I got a lot of reading to do and it looks like house hacking might be the first path I take! 

DM me if you have other questions, I can get you started down the correct path on that.