It may have value, but if there is no demand, then you can't extract that value.

If market rent did not increase with the increase in the property's appreciation then a refinance may reduce your cash flow and, by association, your cash on cash return.In this scenario, it may be prudent to sell the property to extract the tied up 173K in equity and accept that you've made 273% profit on your original 46K down payment.  

My wife and I bought a house for $190k, and by luck a couple years later it was worth $325k, so I extracted some equity through a HELOC and purchased a triplex.  

Find a reputable real estate agent and set up an automatic notification system to email you properties that meet your set criteria right off MLS...this is totally free.The only thing I can extract from your post is that perhaps you need to have a pre-qual letter prior to making an offer?

Older community type apartments with seniors the tenants stay forever but you can't raise the rent as much because they are on very strict incomes.There is an art to extracting the most rent while keeping turnover as low as possible and quality tenants as long as possible.

Of course, you can extract some of that equity without selling it..

The math indicates that you can extract equity from these singles to buy apartments without incurring a bunch of transaction and selling costs.

Extracting concession during negotiation?

You will never force these people to be civil so unless you want the next 10.5 months to be miserable for you and the upstairs tenant get them to move on, now.If it continues, your upstairs tenant may have a case to break her lease and possibly even sue you for mental anguish.Again, these people will not change so you need to extract yourself from their lives.

There is little doubt in my mind that he saw a couple guys who he knew had some money, and was looking to inject himself into the business model to extract some of that money.2.