While they typically have considerable deferred maintenance, we're getting great terms.

This sudden jump in rates has not fully caught up with market cap rates yet since especially in the commercial and multifamily property markets, transactions typically take 6 months to transact, creating a lag effect between interest rates and market cap rates since interest rates adjust daily.

Typically it’s a secondary use meaning the land must have a primary use (like a home on it).

We typically do 4-5 years interest only while paying down the principle balances over time.

For example, if the typical rent per unit is $1,500 (3bd 2ba), my landlord at the time would have one unit with three rooms and four people within the unit (one person per room and one room with two people), each paying around $500.

I use standard market PM rates in my underwriting, but I also would not work for those rates but it is fair compensation for the work.I typically use vacancy of 5% not because I have ever had a unit that had that high vacancy but I do not have a no payment category and I want the underwriting to be conservativeon the opposite, your rate is a bit high and your appreciation rate and rent growth are modest.overall, seems like a decent attempt at an analysis.  

I know these lines of credit are typically variable rate and interest only but when I am buying deals with 20-25% equity that are new construction and cashflow around $500/mo with this loan option, I feel like I have hedged against those risks fairly well.

@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

Just curious, what is a typical LTV I can draw up to with a HELOC on primary and investment property? 

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.