@Phillip Dwyer may be able to help but no realtor I know has time to submit a bunch of low ball offers.  

Is this to low?

"Low risk low reward, higher reward means higher risk." 

I have a pretty low turnover on my rentals in California.

Could do it, but would really rather not.Scenario 2Rent current home - Buy new homePurchase price of 400k20k downpayment as opposed to 100k as used above in scenario 1at 3.375% (would this change with such a low downpayment?)

I don't currently own a home but I was considering buying by year-end since rates are still low.

I agree with the above, but keep in mind that a conventional "no cash out" (rate/term) refinance does not have any seasoning requirements to refinance using the appraised value.

Here's what I've been told:- Realtor is your gateway to accurate MLS data (unless you become a licensed agent yourself)- The wrong realtor may speculate and potentially provide inaccurate info, but they should be, in general, one of your stronger resources for things like FMV (fair market value), DOM (days on market) and other details associated with local/current trends- www.irr.com seems to be a great resource for national and local market reportingI hope this is helpful - otherwise, I trust an expert will comment soon enough :) ...Btw - my family and I love to visit your area in the summertime (7 presidents)...sorry for the annoying seasonal traffic from us North Jersians!

Excited to learn and love the idea of partnering with a seasoned investor for a few deals sharing profits 50/50 if anyone is interested.  

The mortgage broker we spoke to said that we couldn't refinance the house until we own it for 6 months (I assume for the seasoning requirements).