Thanks, I was thinking that too, but I'm assuming it will depend on the Appraiser and how he does his appraisals.

It all depends on what your goals are.

Depends on your strategy. 

If you are leaving money on the table "because it falls slightly below the 70% rule", then you missed the point.Ultimately, it depends on what the opportunity cost is: If you flip a house bought at 80% of ARV, that's great if your alternative (the opportunity you're giving up) is doing nothing. 

A quick glance at housing affordability in AustinMedian Household Income App (Forbes): $73,493 ($6,124/mos)Cost of Living (Forbes): 15% above nat'l avgMedian Home Cost (SFR-ABOR Stats): $302,250Assume 5% Down Payment Conventional Loan- 30 year amortization- $15,112.50 down pmt + any closing costs• Percentage of residents with less than $1,000 saved: 56%• https://www.gobankingrates.com/…/…/americans-savings-state/…- $287,137.50 amt financed- 4.375% interest rateHow the payment looks:PI= $1,433 mosIns= $105 mosTaxes= $458.33 mos (Assume $5,500/yr)HOA= $25 mos$2,021.3/mos PITIDTI’sHousing ratio= app 33% @ median income ($2021/$6124)FHA should be at 31% or less with Conv/VA/FHA being around the same although all have exceptions in placeTotal DTIThese hover between high 30%’s to manually underwritten total DTI’s in the 50’s or higher depending on the programs@ 45% Total DTI Ratio and assuming the above PITI pmt that gives a borrower approximately $734 per month in all other creditor debt (cars/cc/personal loans/etc)These numbers are not perfect but are rather a quick illustration of current housing affordability in Austin for Retail Buyers.Summary: Housing is becoming less and less affordable in the COA for end retail buyersAssuming increases in property taxes/insurance/interest rates on the horizon how does this affect us as investors?

It depends on your goals.

Whether and how you do a pro se suit probably depends a great deal on where in GA and SC your lots are.

Their lease ends next summer and I may just discontinue S8 then depending on the answer.If I had to speculate, I'd think I would need to petition/request of the state that the property be approved at a higher rent.

It really depends on risk tolerance and holding time horizon. 

You can also have the funding and then not get the property under contract and then you have to reapply for the loan, ping your credit....not the best way.Both options work, it depends on you as an investor and what you feel comfortable doing.