I think it's too early to know now what prices will do in this environment. 

I am wondering why you are even looking at commercial real estate, given the current environment.

Thanks there's no need to rush in real estate, especially in today's environment.

Essentially I want to know how to evaluate home value when market value is difficult to know in today's environment?

I have no familiarity with HELOCs but I believe most of them are only available to owner occupied properties in the current lending environment.  

On the long term financing/refinance, it is going to be very difficult to find a lender that will allow you to put 15% down on an investment home in this environment, and again even if you do, you will pay a hefty fee in points.

As you become more experienced with this method, you will be able to identify potential deals in any market environment.

In addition to this, put yourself in any environment possible to be around a higher volume of RE transactions.  

@Jorge Pimienta Anytime you can negotiate a seller financing deal (especially with the higher interest rate environment we're in now), that's a win for you as it'll likely end up being a good deal cheaper and costing you less out of pocket, less documentation, etc.If that's not an option, and you plan to flip the property, then you should look into hard-money loans.

if you want to get a property during the high interest rate environment then i may look at paying all cash now, then refinancing as soon as interest rates made sense.