You get an "all-around" investment with good forward appreciation projections, buffer against recession (lots of business, amenities, events, vacation, education, healthcare, etc), and exit strategies (high rent to price ratios generally speaking for a desirable metro).

if you can get long term fixed debt at todays rates for the next 15 years (I would never finance longer than that) even if the market tanks you will be fine as long as you cash flow with an adequate buffer, but you have no exit strategy if you need to get out, other than foreclosure. thats why I find it so important to have adequate equity up front, it is a hedge in the even you for some reason need to sell.

I think I'm going to live another year in the property make a few more renovations and see if I can refinance again to lower my PITI payment even further in order to create a safer buffer of cashflow. 

Which means that a refi @ $245k gets him ALL his $85k cash back (with a $10k buffer)!

I would also leave a 10% for your repair costs to spill over as a buffer (like an additional 4k). 

Reno's cost more then expected but we had a large buffer so it was sustainable.

But they all are in it for at least 10 years so not only will the monthly cash flow do well for them, but they're pretty well-buffered against any short-term downturn in home prices. 

No way I'd dive in without a good buffer.

If not, you've created a buffer for the vacancy until the right tenant comes along.

If you're a Texas resident, the high property taxes are somewhat buffered by the fact that there's no state income tax.