I am owner financing it at 12% and 2 points with a balloon payment due in 12 months to a builder.I made 25k on the house and did no work to it.The land I'll make about 10k on with no work other than mowing the grass once.

The FED went BIG with a half of percentage rate cut at today's meeting and indicated an additional .5% before the years end. 

I think the combination of fed cuts, insurance carriers slowly coming back, population/job growth being steady, future new supply dropping off, and a few other things bode well for rental properties in the coming years.

The Fed tends to lag treasury yields. 

Might see a boost in values now that the Fed dropped rates. 

@Giman Kim- thanks ... the fed lowered their rate .5% today ...mortgage rates will likely take a few weeks to drop  and likely won't  drop as much as this rate ...timing is decent to get a cash out refinance  started ..you might hold off on the rate lock though ..if the property is a 1 unit - you will likely be able to go to a 75% loan to value for the new loan amount 

The market is pretty confident the Fed is going to lower rates at least .75% before 2024 ends, which will spill over into mortgage rates.Side note: Your closing costs seem crazy high for a refi. 

The Feds just lowered rates by the .5% which looks great, but I view that as creating massive Inflation by the end of next year if they keep it up into 2025, which creates issues. 

Real estate will skyrocket once fed lowers rates...Real estate will skyrocket because XYZ is building a new factoryInventory all time lows - marry the home - date the rate...People either looking for clickbait or money.

This week the FED outshined expectations and instead of a .25 basis point reduction they cut it by .50% which is huge for home buyers!