Should I refinance the property to a fixed rate and apply again even though I will no longer enjoy my low interest rate?

It has a slight ring of "low income housing" to me.

@Jack B. using the numbers that you recently posted (I'm assuming they are the property you are considering, not the sold comp), I would take the $4300 rent, subtract the $500/mo utilities, subtract $800/mo for reserves, ($600 is too low, in my opinion) and $600/mo. minimum cashflow, so I'm left with $2400/mo.

Low crime and perfect areas for raising kids.

We have such low inventory with virtually no builders building spec homes around here - if the numbers dovetail in with what the market will support, I'm hoping it's a strategy I can repeat, then move into actual spec homes once that model has proven itself.

Like others have mentioned, mobile homes are low income housing and as long as people live on welfare, minimum wage, social security, etc.

In your experience, when large companies layoff a large number of employees, does this create a window of opportunity for investors to "buy low" for real estate in the immediate area? 

Hello Ted, I mean low prices and in an area where flipping is possible along with expected appreciation

The realtor keeps mentioning how the current rents are too low and it "could" get $800/month (he thinks).2. 

You spend just as much time on these low end as high end with greater cash flow.