Consider a town with an economy that greatly depends upon military or other government income.What happens when this changes?

However, given the economy and other things, it has definitely changed.

Mehran,I've saved a bit of money the last few years and I like the economies of scale I could achieve with that sized property.

Higher interest rates with no additional income will eventually make housing unaffordable, reduce demand, and lead to lower prices.In a more “normal” economy, household income would increase at a modest pace, create sustainable demand, and support housing prices.

I just have a furnace and hot water heater exhausting through it.

What drives the kcal rental economy?

Why not find a property that cash flows in any real estate economy and then the appreciation will be pure profit.As to your initial refinance question, if the property does indeed appraise for $290k then you are looking at a 10% equity position and will need to pay MI no matter what.

They are telling me I should be doing at least a few a month.At this point I'm getting pretty exhausted from it.

What's the local economy there like?

Less properties to keep up with and you create economies of scale. 40 units is minimal of full time manager and then a maintenance person. 50 units would be better or higher.