Too many unknows and variables involved in remodeling. 

CHS is projected around 4% for the next few years, so I would let those variables determine the valuation to you. 

An exit strategy is advisable when considering an owner financed transaction with variable terms. 

I recommend you do this annually to adjust for utility increases and other variables.

Many sellers will entertain a higher (or full priced) financed offer to purchase with a Pre Approval letter, since it alleviates some of the unknown variables. 

Quit with the history crap and comparisons to previous downturns in economy, no new set of variables in the future are going to be 100% correlated from previous times.

There are just too many variables to answer more precisely than that. 

Can’t control some of those variable (property taxes are killer here). 

Many have gone like the wind, new ones pop up and will also disappear with the next breeze.Selling crap properties, in crap areas for more than they are worth and then passing on to 3rd party PM that nickel and dimes to death.It's a shame but it's been the same cycle since I started in 2012 and even longer that I remember.I feel sorry for such investors that commit so these providers but I feel even sorrier for those that try DIY BRRR from out of state.Asset classes are variable and "Potato" "Potato" lolFor example, I can almost but guarantee that my B class in Toledo for $90,000 for example is D class in Cinci.Lived in Middletown and owned a few rentals in Cinci so know the market decently.It also comes down to how someone was born and bread.I had investors come from Cali and laugh at me and my "B class" properties.They said it's Z class.Even tho my entire team lives in the area and so did I for 10+ years.No silver spoon in my mouth growing up and I wouldn't sacrifice my families safety in a so called "Z class" area.But we are all different, right?

This locks in your monthly expenses, versus  HELOC that is variable, and matches well to the long term hold of the rental.I use HELOCs for shorter term capital needs, i.e. flips, or even possibly the acquisition and renovation of a rental, but always with the belief that I will have it paid off in under a year, typically 6 months.