As a side note the "Median" rents for the whole country are on a HUD website and is updated every year to the new rent levels, so you can see how your rents compare to the HUD Median rents. 

Interest rates between a HEL and a refi are comparable, the equity in the property is equal to the value of the property and I only need about 50% to purchase another property.

I agree with @Michael Baum, are they true comparables? 

That’s funny to me they compare a home that’s taking on rain from the outside inside, basements full of water all the windows broken, everything is wet and has to be re paired.

As you begin your REI journey here is one tip I have for you:Use this website as you are trying to narrow down the places you want to invest in. https://www.areavibes.com/Its awesome because it gives you a "total livability score" & you can compare different zip codes & streets to others. 

What are the comparables in your market doing at your expected price point?

Pull out a spreadsheet and go through the tools everyone mentions to run some comparables and take note of photos, amenities. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The median home price in Milwaukee went up 8.2% in 2024 - and I had to do nothing but wait, compared to a 4 month major construction job.So yeah: BRR(hold) and maybe refinace at some point if/when rates get lower

This is a beautiful house - rehabbed/looking new and fresh - walking distance to the water etc, yet low gross yield  compared to Byrd (???)