The median home value in Phoenix as of April 2023 was $368,657, which is a 23.5% increase from the previous year. 

If you are open to value add strategy, small multis have potential for not only traditional forced appreciation but also the ability to see major rent increases.  

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. 

Increased demand for historic district rentals and excellent rental history.

This keeps you from cutting corners or hesitating on necessary repairs.7.Stay on top of rent increases & lease renewals.

Any impending Insurance coverage or increases?

That the rent increased?

Let me explain...Houses naturally have an aesthetic to them when they are first built.

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.