Home Equity Loan Advice

[Robby Stelly]

Please let me know if these numbers make sense. I'm thinking of taking out a home equity loan of $100k at 4.77% on my house to purchase and investment condo with purchase price of $132k. These condos rent well and go for $1200/month. Monthly HOA is $185. Estimated property tax is $700/yr. The condo needs about $2k worth of improvements before I rent it out. My main question is does a home equity loan make sense considering I'm having a hard time getting a loan otherwise send its only 40% owner occupied. Thank you in advance.