Your monthly corporate rental rate is $2800 per month and you have an 80% occupancy rate. 

There are also case by case opportunities within the North Phoenix market where rental rates are stronger. 

Your existing low interest rate mortgage is an asset that you likely won't get again.To Your Success!

If so what are the interest rates on those debts?

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

What is your current rate and what are you being quoted?

Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.

Unfortunately, given current and foreseeable prices and interest rates, I will not be in the position to buy anything else anywhere I’d want to go. 

Should I wait for Spring for greater inventory, or for lower rates to see if cashflow improves?

Jung,Welcome to the BP forum its a great time to start as mortgage rates fall and home prices still priced well in many states.