In 1972 the 30 year mortgage interest rate was 7%.

It's important to know what market rents are for what you are analyzing, many properties are super under rented and you have to get them to market rates. 

If they want to stay, they will sign a new one-year lease with a monthly rate of [$XXXX].

I am unsure how to accurately predict rates and occupancy.

ConsiderationsCrime Rates: Some parts of Albuquerque have historically struggled with higher crime rates.

I expressed my objection to the rate.

Thought about refinancing at the time, but didn't do it before rates exploded.

Check their occupancy, nightly rate and amenities.

A line of credit is adjustable rate with interest only payments that will have a "draw" period usually of 3-5 years for investment properties (usually 10 years for primary home) then will amortize over the remaining term after the draw period.

Especially in a high interest rate environment where cash flows on long term rentals are muted and there is significant capital required to purchase and list on airbnb.I live near NYC but would invest out of state in an airbnb / landlord friendly state.