We have been past our "Number" for several years, so expanding into this Economic market we weighed more towards Risk Analysis and Wealth Preservation than bigger numbers (debt/asset growth) and increased exposure. 

Are you looking for potential growth in the area in upcoming years? 

What do you think the rent growth has been?  

Taking a higher rate, lower pre-pay could make the most sense and flexibility in the future is the way to go.Everyone that I knew that locked up Agency debt after the 2008 crash and did NOT remain flexible regretted it 100% and it really hurt their growth and kept them out of the real estate game for a long time.  

If you've had your SFR portfolio for awhile, financing shouldn't be that big of a deal, since you can clearly show your income growth and stability to a banker. 

We have been doing some buy-n-hold deals lately where the the Private Money Partner (compared to lender) put up ALL of the down payment - 20-25% - and we do ALL of the finding, rehab management if needed, securing funding and all ongoing PM and overall management.All cash flow is split 50-50, and all equity growth will be split 50-50.

Gun to my head.....I am picking markets with population growth. 

I was talking to a government employee in a little county we own property.. this county has NO zoning None.. they have land division rules that regulate growth but not what you can put on them.it falls on this person to decide and he is the building inspector for the county.. 

Join real estate investment clubs.Have clear investment goals.Understand the local market and potential growth aspects.Get in touch with a local agent or investor and shorten your learning curve and save you a lot of headaches as they tend to understand the market better.All the best!

I recently saw this ABJ article and your comment about Austin's population growth reminded me of it.