When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. 

However, other factors will matter, and the rates of taxation are different for different components of this Step 3 result.

My in-laws loaned us the total purchase price minus $5,000 on a 3% interest rate.

If you have large debt with a high interest rate, I would consider paying that off before getting started investing in real estate. 

The advantages is that you can buy with low money down and will get a better interest rate.

Interest rate- prime plus? 

As I'm sure you're well aware, the small multifamily space in metro ATL is competitive despite current interest rates. 

They have always rented them at well below market rate and the repairs were made by the tenants.

Typically, the adjustments I see on appraisals for basements are more flat rate adjustments. 10k is usually the number I've seen.What stinks is that there are a couple of model types that have below grade space where the builder, I'm sure, was trying to lower the taxes by having it below grade so the county wouldn't count that space in the assessment.

Question: Should I collateralize the loan (if using private or hard money), or rely on roll-over loans (to maximize the lower points and 3-4% rate)?