The two-family property now has better curb appeal and the rental units are much more desirable, which has helped me increase my rental income.

@Paul Whitney Detroit property values increased over 20% in 2024:https://detroitmi.gov/news/detroit-home-values-increased-ave...https://www.cbsnews.com/detroit/news/detroit-home-prices-amo...https://www.detroitnews.com/story/news/local/detroit-city/20...DM us if you'd like more info...

What this usually leads to is higher rates and lots of points, which increase the amount of cash needed up front.

If you plan on eventually selling, central air would add a significant value increase, so you may consider if that's the case. 

@Mark Toweya couple things - from the seller's perspective, it means the seller doesn't have to wait the full 30 years to get the proceeds, and from the buyer's perspective, hopefully in that 5 years appreciation and maybe some updates have increased the value such that when you refinance you don't have to bring any additional cash.  

I am also putting together my own syndications to help other investors increase returns but even more importantly give them the time to live the life they want.

Assuming you go the HELOC route, another option to reduce your costs assuming you have decent credit is to look at credit card balance transfer promotions.Back in 2003-2004 I had HELOCs on my investment properties and interest rates were increasing.

The return of installing one is not 1 to 1 but will increase your properties value. 

(make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

Why would you take your cash, and spend it on a property you don't need to spend it on, instead of using that cash to increase your properties,...and income.