Like most markets, there is a growing trend in the area due to affordability and increasing more things to do. 

I can get 5 times as many deals without increasing my budget.

You increase the likelihood that you continue to receive that $8,500 each month. 

As they see their money is safe and you're succeeding with your plans, they'll usually ask to increase the amount of money they loan to you.

Typically if demand increases and supply is maintained prices go up. 

I just bought a lovely 8 unit last April that had been horribly neglected but have turned it around and done some cosmetic renovations and increased rents.

This decision increased our budget from $15K to $45K, but it turned out to be a wise investment.

Unfortunately, Covid decided to change my plans, and I made the decision to hold off, in hindsight it was a huge mistake and no one could have imagined that property values could have increased at such a high rate.

Despite higher interest rate environment, there's reasonable probability inflation will still continue - thus increase hard asset valuation.

I've heard of people doing this, but you need to be rehabbing it enough to make it higher value so ideally you need to be purchasing something that needs some rehab so that you can increase the equity because otherwise you're not gonna have enough equity to pull out