In the multi unit buildings I put on lease "Each tenant shares responsibility for removing snow and salting on both walkways and sidewalk infront of property" and I have them initial before we execute lease.

Not a ton of value-add opportunity, more of a core+ investment in a very small market I'm familiar with - my initial analysis is yielding a 14% IRR & 1.28 EM, so I'm not sure of the attractiveness to investors.

You have many people who say midwest markets are now appreciation markets, but I disagree with that statement.

Recognize initial cash flow is likely at an all time worse.  3 recent studies show that the rent to value ratios are at an all time worst.  

It sounds like you have an un-permitted unit, which is essentially always a risk since there has been no notice to the AHJ that it exists and they can therefore initiate a code case to have it removed in most cases.

Any recommendations for free tools to do market research?

Although the tenant initiated the payment on 12/31/2024, the funds didn’t reach your account until 1/6/2025, making it 2025 income.

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

: Experts at sourcing viable properties to market for sale. 

The TX market is a GREAT market to start in.