So I hate realestate, right...

No reason to be long these, fundamentally.  Unless you are Karen "Value Girl" Finerman.  What if we wanted to ride up with the tards (that makes me a tard)?  If I did, it would be either a backspread, or a short call ladder on the URE. 

Feb Calls 1:1:1

Short 6 strike

Long 7 strike

Long 8 strike

You'll need it to rally past 8 by expiration, or less than 6.  The problem with holding the Ultra's is eventually that premium will get you.  Adam at the Daily Options Report can explain, in great detail, the suckage of holding Ultras for long periods of time.  This is just an example though, I'm not on the trade.

Edit: Added further explanation