Many judges would feel you got paid even if no cash was sent to you.I could see this potentially working on a higher-end property that it in excellent condition with a Grade A tenant.  

I am lookin for higher rent.

Doing a 75% 1st mortgage and 15% heloc or heloan would likely give you better cost of funds all around.If this is an investment property, you can do 80% cash out refi using NonQM loans such as DSCR loans, but at a higher cost/rate than if you stick with 75% loan to value. 

About me, most of my assets are RE but in another market so I would be diversifying in that market.Potential for appreciation is very uncertain: prices have risen a lot locally lately and are as high as they have ever been, and it’s unlikely higher prices would be affordable by locals.

Class A properties are going to cost you more, have lower cash flow, yet be more attractive to a higher quality tenant base.

It's really not that they double o tripled them, it's just that you paid way more for the property, and so now you are paying the taxes on that higher amount - where the previous owner was paying taxes based on a much lower amount.  

Sometimes paying a premium on a home also guarantees a higher demand in the neighborhood and with that may come a higher demand for a rental as well.  

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

It could go higher with additional work to the house.

I also like to be set higher than most of my competition because I only buy really cool properties that are sought after.