You would end up saving the higher interest rate on the HELOC as well as closing costs.

Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

The main reason I decided to sell rather than hold was the rising interest rates.

You can then rent at market rate but have to register it with the town annually and abide by their annual inflation rules.

Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

Keep in mind a HELOC rate will be much higher because of the CLTV and risk.

What interest rate are you getting?

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

Even though interest rates are high, we have a big Mircron plant coming here as part of the CHIPS act so that could boost housing demand in the coming years.I don't know the SYR market, but I did a quick search for duplexes somewhat outside of the city, and found this: https://www.realtor.com/realestateandhomes-detail/7300-Lakes....

.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000.