If the appraised values in the area would make a conventional loan refinance feasible and you can qualify for one personally, that's a dreamy path in this rate climate. 

However, It's slightly possible that a cash out refi given the interest rate climate over the last two years might improve the performance of the Arvada property in two ways:1.

1) look at global trends. example: We're currently seeing a global migration towards warmer/ sunnier climates.2) look for multiple economic engines rather than one or two main industries. example: strong manufacturing, health care, higher education and a tech scene.3) look for communities that are open to adding higher density living near the city centers.

It's not a major market for investors like Memphis or Atlanta but it has the income growth, job growth, and the right business climate for it to continue to grow. 

It should be noted that I live in a very cold climate, and having the power shut off for any part of the property will result in whatever is inside to freeze — including me.

What are the cons to buying in this climate?

If anything I expect this would yield more results on the business side considering the current climate, lots of people looking to get out of businesses especially in food service and the like are having to sweeten the deal to a much greater degree these days to attract buyers. 

Will like to know the following:- what is the current economic climate for multifamily units in Edmonton?

Once a month is usually sufficient, but it depends on the class of the property, quality of renters, climate, and other factors.

Has anyone had any luck getting a heloc or personal line of credit in this financial climate.