When you can refinance and how much you can take out is largely dependent on market and economic forces that are out of one's control.

I'd recommend doing some research into what markets you want to target (landlord friendly / growing population / economic drivers and developments) of those markets. 

I suspect the jobs market and economic data is going to come to light after the election which will show the economy is not as good as we thought and potentially provide a little more relief on interest rates.

Seems like the city is projected economic development from hospital and Honda plant .

A normalized FED Funds rate might settle around 2-2.5%, but reaching this level could take 1-1.5 years of rate cuts, depending on inflation, unemployment data, and other economic indicators.ConclusionThe current distress in the multifamily market presents a significant opportunity for mezzanine debt and preferred equity investors.

But I'd be careful with any long term forecasts (economically, demographically, environmentally, etc.).

So, don't overreact to their maintenance requests.2) A landlord should eke out every bit of life from a roof, HWH, etc. and put band-aides on it until it makes economic sense to replace it.3) Maintain to the Neighborhood!

What is the economic occupancy?

A landlord wants to eke out every bit of life out of a roof, HVAC unit, etc. that is economically profitable before replacing.All a landlord wants to do is Maintain to the Neighborhood Standards - nothing more, maybe a bit less.

It’s definitely wise to consider the broader economic context when deciding whether to refinance or sell.