I would say the condition and age of the property would have a lot of sway in your decision for whether or not it's worth it.

•This balloon payment will be paid through a cash-out refinance of an investment property valued at $198,000.7.Remaining Balance: After the balloon payment, the remaining loan balance will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Payment TermsInitial Loan Terms (First 24 Months):The monthly payment for the first 24 months is based on a 12-year amortization schedule:Monthly Payment for First 24 Months: $1,573.39Remaining Balance at Month 24 (Prior to Balloon Payment):The balance after 24 months can be calculated using the amortization formula:Remaining Balance at Month 24: $157,113.92Balloon Payment:The balloon payment will be 50% of the remaining balance at Month 24:Balloon Payment Due at Month 24: $78,556.96Re-Amortization of Remaining Balance (After Balloon Payment):The remaining balance after the balloon payment will be:This amount will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Monthly Payment for Final 60 Months: $1,541.18Summary of Key Terms:•Purchase Price: $215,000•Down Payment: $43,000•Loan Amount: $172,000•Interest Rate: 6.5% (fixed)Initial Terms (First 24 Months):•Monthly Payment: $1,573.39•Balloon Payment Due at Month 24: $78,556.96Re-Amortized Terms (Final 60 Months):•Remaining Balance: $78,556.96•Monthly Payment: $1,541.18Additional Conditions:1.Prepayment Penalty: None.

Columbus has the largest company in the state, Cardinal Health. 

That applies to replacement cost only and only if more $ is needed to restore the home to a pre-loss condition than what is available under coverage A.

It is also great to change small but specific terms and conditions due to it not being just one tenant anymore.

I'm currently corresponding with my property manager to gather information of the condition of the property as well as discuss our next course of action. 

Yup, property condition, vintage, neighborhood, tenant base, property management are all very important considerations. 

Yet, when I initiated a withdrawal, I was met with a complex set of terms, penalties, and withholding conditions that were never clearly explained beforehand.

I can't speak for the city itself / near the university, but up in areas like Liverpool properties are getting multiple bids regardless of the condition.

Due to the market conditions I wanted to have a good amount of equity in the building so I only refi'd 50% of the purchase.