The rates will be a 3 year fixed rate, you won't have to pay ANY application fees, points are optional...they are just a much more stable product for forecasting your future cash flow and in keeping your costs lower. 

But I am hoping to grind out 10-15 years, earning stable income while I invest in rentals.

Royal oak is a great city that is very stable.

I also need proof of at least 2 years stable income.

I get more stable tenants and tenants are happier.

It's not a very stable investment there. 

Sounds like you have a good thing going (assuming those properties are in stable locations with a good tenant class).

@Ramsey BlankenshipFollowing are the areas I am now looking into and why:Fishers/Carmel, INJobs added per housing start is favorable = shortage of housingGross rent was stable through the recession Fishers named best place to liveGreat schools in Fishers/CarmelSan Antonio, TXIdentified as a favorable city for millennialsStable and growing rents over the long-termGood job growthDiverse employer baseProvo, UtIdentified as a favorable city for millennialsCollege town (BYU)Up and coming tech centerGood job growthStable and growing rents over the long-termI'm primarily interested in multifamily but these indicators can also apply to SFR.

Over the next few years, I'm going to be putting 10 more homes in the park with the goal to sell when it's "maximized" (positioning it as a nice double wide community, not a sardine can storage shelf).

The property is a C+ class in a great city with good schools, and stable job market.