This frustrates other buyers who then realize they get more bang for their buck a few towns away, still with great schools (and without the attitude).

Not sure if it is state or federal, but if a turn down decision is made based on info in the credit report, landlords are required to declare that (but not what the specific reason is, there is a standard form that can be used) and give them the info to contact the credit bureaus themselves.We have no evictions as a stated criteria, but applicants don't always realize that there past poor behavior went far enough in the court system to be on the credit report.

Now, I realize that if auctions were easy I would see my buying competition at them all of the time.  

not sure) and then realized they needed to justify it somehow and added comment to support their claims.

Once we realized that the grass is not greener on the other side, the damage has been done.  

Some additional benefits will also be growing the equity as the tenants pay down the mortgage each month and the tax savings from the interest payments making your taxable income lower.Now you have a higher return, lower taxes, growing equity AND cash to go find a new deal to continue to grow your money (and you should surely consider leveraging the new property as well, in order to realize a greater return on that cash).

There seems to be quite a few of them(many more than I realized)!

I think you guys that have been here a long time don't realize how unwieldy it can be for a newbie. 

@Robert Horton   - I didn't realize it would appraise that high when I put it under contract.

Once you have an understanding of the math, you will realize just how hard it is to come out ahead if you cash out.