@Matthew Posteraro go with as many units as you can!

I wanted to leverage as much as I can with the equity that I have on other properties that I have in my portfolio to use as a down payment for the investment properties. 

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

Based on rent of $1,695, I think you'll be lucky to get an appraised value of $160k with a CoC return well under 2%.

Below is how I grade neighborhoods.The Ultimate Guide to Grading Birmingham Alabama NeighborhoodsThe Ultimate Guide to Grading Cleveland Neighborhoods

You should sit down with the tenant and talk this out, EYE BALL TO EYE BALL.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Just to clarify, I purchased this rental property with 100% financing—$209K from a conventional 75% LTV loan and $70K from my HELOC.

I did a cash out refi on my principal residence at a much lower rate and paid it off.Now I plan on using the equity for more purchases.What? 

My understanding is that you can sell assets and defer capital gaines taxes in an opportunity zone until the property is sold.