Small, doing well.Also looking at near the baseball stadium which is apparently very desirable.

Slightly riskier depending on your budget but it's much more streamlined and you could earn some awesome points!

In Chicago, for example, a family of four earning less than $75,000 would be eligible.Additional eligibility criteria include:The loan must be for a 1-unit single-family home that is owner-occupied (this disqualifies rental properties and investors) You cannot have missed a mortgage payment in the last six months, or only missed one mortgage payment within the last 12 months Your loan-to-value ratio should not exceed 97% (that means you need at least 3% equity in your home) Your debt-to-income ratio should not exceed 65% You must have a credit score of at least 620 How are these new refi options different?

Therefore, my net gain after the sale, and paying off the existing mortgage, was $10,261.Summary of NumbersBelow is a summary of all the numbers.Total Invested of my Own Money = $0 (given I used a HELOC to fund this investment)Total Earned from Sale / Refi = $20,342.62Total Cash Flow = $1,047Total Earned = $21,389.42Why I SoldI currently have another investment opportunity I would like to capitalize on.In addition, given the age of the property (built in 1897), I could not see myself holding this rental another 30-50 years without significant capital expenditures, that were in excess of my original assumptions.Finally, I thought that this may be a better than average time to sell, given the current housing market.

How desirable Is the location?

Now you’d earn significantly more equity each month as the interest payments on mortgages are front loaded.

Where do we expect earnings to go from here??

Unlike many other things that cause insurance premiums to rise (like a pool) being in a flood zone does not typically increase your rent unless the home is directly next to a desirable water feature like the ocean. 

Let’s say you earned 500k, but you had to reinvest 450k in the business and could only distribute 50k to your self, the lender cannot count 450k as your available cash or as your earning. 

I feel strongly that it's a desirable location (private wooded lot on a river, plenty of nearby attractions) and should be able to do well.I'm planning on managing it myself but want to start off with good processes and methods.