Hey @Brett RiemensniderThere are a TON of banks/credit unions that will offer as low as Prime on a heloc on your primary residence.

It’s just not worth it in Detroit especially with the low price points. 

Also, what are some other low cost amenities that I can add to my STR that will yield a higher ROI?

Rents are generally low there as well, but definitely stable.

As you grow your portfolio, keep an eye out for lenders who offer low down payment options for investors or those that allow leveraging the equity from your existing properties to fund new ones. 

However, at $105 per SF seems very low.

We do not have a resident benefit package, and we keep our tenant fees very low.

Furthermore, choose your deal provider carefully.

Not that I don’t enjoy dealing with tenants, maintenance, lawn care, Home Depot and Lowe’s trips and tenant change overs (I recently put new carpets, kitchen floor, appliances, vanity and mirror in the bathroom and fresh paint in my upstairs unit).

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage?