But I'm starting to wonder if and when some appreciation resumes, and if and when market will dictate rent increases.Appreciate any opinions - thanks

Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process.

Plus how did he go there he must live there or close so your only working one market.

And this is so market specific..  

You're in a strong rental market, and house hacking a small multifamily in Phoenix is a smart way to build wealth.

You can't time the market. 

Another option is to estimate value based on potential income and market cap rates, which can give you an investor’s perspective.

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).

The partners between a realtor like myself (proficient in renovation experience), a general contractor, usually a loan consultant to support the buyer and the lender, (along with a buyer and seller of course) are the parties involved.I come across so many homes perfect for 203k or HomeStyle buyers, on and off-market, it isn't funny.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)