Ask them to give you a ride around tour and have them show you the good areas and the bad.You can also use the crime maps on Trulia to get a feel for a neighborhood once you’ve located a property you’re interested in. 

As long as rents don't nosedive and they aren't covering the mortgage anymore, Capex and other expenses, you will be fine and you ride it out with no issues.The loss of the house value only comes into play when you sell it..... you will only incur that loss IF you sell it when it is worth less than you paid for it... until then, its only on paper.....

Does this deal sound good enough to just ride with the interest as it is now and wait until it drops to refi?

The X though is more comfortable on long rides etc.. 

Ride the roller coaster that is the stock market and end up with a nice retirement in 7-12 years. 

In a hail prone area like MN, expect double if not triple from that $.

AND...a few years after she owned 18 homes, she called me a few times and asked me to give her a ride to Victorville California (120 miles from Los Angeles) because she wanted me to take her to a home she purchased (19th home) and she told me she purchased a home in Las Vegas for $550,000 (her 20th home).HOW DID SHE DO THIS?

As a local RE investor, the key is: 1- buy well, 2- add value, 3- don't over leverage, and 4- ride the market twists and turns.

I personally like following the big developments in town and riding the wave.

If anyone is around at the same time and would like to grab a ride I’ll have plenty of room.