If the latter, you’ll need a strategy to pay back the HELOC as it’s not a great long term financing option given the rates.

The unit SF is one component of its size, but then we will sometimes add exclusive use common areas  as well as a pro-rated allocation of the common area.

My easiest, no hassle, lowest expense rentals are the ones where the tenants stay 5 + years, do minor maintenance themselves, call me immediately with any issues so I can fix them before they become much more costly, and agree to annual market adjusted rent rate increases.  

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).

I’m also using a 6% vacancy rate, which brings the net monthly cash flow to about $200 and a CoC return of 13.06%.Summary:I’ve created around $50k in equity (difference between ARV of $200k and total investment of $155k).I’ve got about $10k or $18,385 left in the deal (factoring in closing costs).The cash flow is healthy, and the CoC return is strong, especially as a first-time investor.Questions:Does anything look off or could I improve the numbers?

Say home improvement and they will send you up to $50k at relatively low rates with no pre-payment penalties and they do not check how you spend the funds.

We have a 64% vacancy rate now a year and a half later and our unique property management style ensures that we are renting our spaces 2 x faster than the competition.

Separately, I will be needing to raise rent for existing tenant to match market rates. 

Any / all insight, experience with occupancy rates, etc. would be greatly appreciated. 

Then you can just go to the chat, and analyze the deal, it can even pull CMA and rental estimates, count in the repairs and get you cash-on-cash or cap rate or whatever metrics you need.