It may still be lower as a blended rate rather than a full on cash refi.You could have someone buy into the property and now you give up partial ownership.

You can then blend the rate down to maximize returns.

Yes North Arlington and Garfield both have the right blend of MF housing stock with decent pricing and low enough taxes to make small MF properties work.

Since you will hold this for more than a year or two, you should plan on higher blended costs in your underwriting.This is something to definitely look at - they are not asking $900,000.

If a local investor has a portfolio there and can mix things up for a blended return then it might make sense. 

@Dave Spooner I do plan on growing and would like to have everything set up so that adding properties and tenants can be as seamless as possible.

Also, you'd probably have to coordinate the data formats a bit to make it seamless.

With the luxury high rises entering the city, combined with additional development (including a Costco this year) and upcoming bike share program, I'm still glad I chose this area as a good blend of an investment / lifestyle choice.

Technology advancements such as email, phone calls, skype has enabled communication with a remote CPA to be seamless.

But that's more likely because it blends with the rest of a 'less lower-end' portfolio.