That’s the very simplified version but raising capital is always your biggest limiting factor so the more investors you can connect with the better. 

What ADR did you use for MTR and how did you derive the MTR ADR (or different what rent and what vacancy factor)?

As Jay and Jamie have stated above, a minimum of 6 different factors play into the pricing, but it is not an all or none issue. 

There are other factors that determine what they will pay for your unit and the family who applies. 

I was told that one of the most important factors is the deal.

That HE loan would make you cash flow negative on the first property, especially considering you are not even factoring in any repairs, maintenance, vacancy or management.

There are a lot of factors that go into the decision.

In my experience, physical evidence like this has been a deciding factor in cases like yours.Consult an Expert: Even if you plan to handle the hearing yourself, an initial consultation with a real estate attorney could be invaluable.

I now monitor the owner's equity, return on investment, and other factors and then proactively reach out when they are ripe for selling, exchanging, or adding doors.

With the cash out refi it would be the same you would just factor what you would cash flow with the new monthly payment.