I lived next door, growing up it belonged to the original homesteader, a little old lady named Thelma.

The BRRRR strategy could be perfect for you—it’s a smart way to buy, rehab, rent, refinance, and repeat, allowing you to grow your capital while accumulating more properties.

If you think this property will continue to appreciate and the rents will continue to grow, then I'd suggest the cash out refi.

When you are a PM starting out you start to make money around 10 properties but then you need to hire and you are back to making nothing, then you grow to maybe 20, make money, hire and then back to making nothing. 

Indy has a growing population and a diverse economy, making it an attractive market for multi-family investments.

I was an HOA manager for 25 years and have seen the hostility toward STR's grow larger.My primary focus is Long Term Rentals.

Hard to grow and manage my business when I'm meeting with tenants.

The builders that we work with, SI being one I work with a lot, are good at what they do and produce a good product in growing areas that rent well.  

If you buy a SFH is a great appreciation area you can grow equity in a year sell it and buy another SFH or a larger MF. 

No problem with you scaling and growing; that's a great thing!