After doing the math and starting this year, my yearly cash flow will decrease from $5,940/year to $1,502/year for every year because that total difference goes to pay off new mortgage, assuming 100% vacancy & the same rent every year.Process of doing a cash refi: It is the same as getting a conventional mortgage.

Housing supply doesn't decrease therefore you have more supply than demand. 

After doing the math and starting this year, my yearly cash flow will decrease from $5,940/year to $1,502/year for every year because that total difference goes to pay off new mortgage, assuming 100% vacancy & the same rent every year.Process of doing a cash refi: It is the same as getting a conventional mortgage.

I don't see why there would be fire sales as prices haven't fallen yet so most people should be able to sell pretty quickly with at least slim equity I would thinkI don't know if fire sale is right terminology, but prices are definitely declining (albeit a small decrease) for condos in certain communities in the Old Town Scottsdale area.There are well over 30 active listings in AirBnb approved communities around Old Town Scottsdale where as there might have been 3 or 4 at any given time prior to coronavirus.T 

But I could see getting almost a full point decrease through a refinance.

I am thinking it can either increase or decrease.

Keep in mind that not increasing is the same as decreasing.

However, if you have a fairly demanding job, and don't have the time, you should likely look for a reputable company to help you with process, especially now that the demand has greatly decreased for short term rentals.

Does the value of the product decreases as the lease term shortens? 

Cash flow requirements for me have gone up to take into account potential rent decreases and vacancy increases (short term) and I am no longer looking for anything that needs significant rehab or a refi.