We expect to refinance at around a 7 cap with NOI increased by 20% or more, pulling out all our construction costs, leaving around $150k in equity in the building cash flowing around $2k per month.

Savings took a few additional years since we did not use the built in equity to purchase the second home. 

It said if you as the owner have owned your property prior to 1975 ish in the same ownership you were allowed to go back to that zoning and develop.Well you can see the inequity there .. one guy has 40 acres that was zoned favorably prior to 75 and can do a massive subdivision the neighbor who must adhere to todays zone on the same 40 acres is lucky to build one house.Stimson Lumber with their Washington county and Tillamook county vast holdings made measure 37 claims on literally hundred thousand acres of timber ground into HBU  higher density and buildable lands  which value is greater than the production timber values.Once the state figured it out they made it very difficult to prosecute a measure 37 claim and they finally did a way with it. 

@Cory LucasSo... basically, you are saving/'socking away' no more than $12k to $6k a year --- in equity... 

My take on the matter, if you have less than $500K in equity you're trying to protect, the additional expenses are not worth the effort. 

Same, with loan paydown, since I need usable cash rather than it being tied up in equity.

I purchased a 6 unit in June of 2020 for $385k and currently have $85k in equity.

We bought our old house 2 years ago for 270k. 60k in equity.

Each month you'll be building about $500 in equity with every mortgage payment ($309k loan @ 3.125% interest).

I currently have a home that I'm paying on and have about 20-30k in equity in it.