-How are you getting a 3.75% rate?  

You would end up saving the higher interest rate on the HELOC as well as closing costs.

Experienced investors typically value properties like yours by analyzing cap rates, cash-on-cash returns, and income growth potential.

With today's high interest rates, it usually doesn't make sense.

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

Short Sales, Bank Owned, $/sqft, school district, days on market, etc.  

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

Rent, Expenses, NOI, Cash Flow, COCR, Cap Rate, Market cap rate.