However, with high rates, the next mortgage would be very expensive, and a vacancy would be intensely expensive with two mortgages.

- very low remaining mortgage balance!!

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If you don’t urgently need the money, letting appreciation and rent growth work in your favor for another year or two might put you in a much stronger spot.If your goal is to stay liquid while keeping expenses low, a HELOC is probably your best bet for now.

The Commercial Loan Officer I am working with comes up with a Loan Amount of $336,000 (Total value is $448,000) because of the low rents.

It's what is actually delivered and the quality of it, plus intangibles such as the personality of the professional working with you, responsiveness, attitude, you name it.The price is low.

I guess I'm asking, for everyone w/ super low interest rates, what are you doing?

To make the acquisition feasible, I utilized an FHA loan, capitalizing on the historically low 2.875% interest rates and the attractive 3% down payment option.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

I'm a little curious about some of your assumptions: 1) Vacancy at 3% is very low (5%-8% is more common), 2) 5% income and 0% expense growth aren't realistic - more common is to have the difference between your income and expense growth around 1%-2%, 3) Paying P&I during rehab isn't common - normally this is setup as an interest only period until the property is stabilized and then do a DSCR loan, 4) A proforma cap rate of 9.21% is very high for this type of property (this more of a cap rate for a Section 8 property).