Quote from @Brad Kremer: Hi everyone,I own a cash-flowing duplex in Austin, TX, that I bought 8 years ago when rates were considerably lower than they are today.

Not even close.. 

You would end up saving the higher interest rate on the HELOC as well as closing costs.

Also, the turnover will be much lower, but maintenance costs might shift too, so it's good to plan for that.Happy to connect if you need more tips!

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I think the economy has a number of diverse employment options, lower prices than King County while still being within driving distance.  

If the numbers make sense, the plan is to approach the seller and attempt to get a lower price for this "2-story" building which has vacancies, since that's what the owner is selling.

You are competing against other owners who have a much lower basis and/or debt cost to cover. 

My current purchase (closing in February) is a luxury cabin that will be an STR.