At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

For the $525K property, with the low mortgage rate(you will probably never get a such low rate), it might make sense to hold onto it for now, especially if you can still sell it as a primary residence within the next three years and avoid capital gains taxes.

We recently relocated to Phoenix last summer and I'm starting to look for recommendations for local credit unions here in Phoenix which are trustworthy, low rates, personal touch, easy/simple to work with, etc. 

Tenant covenants and agrees to pay interest at the maximum lawful rate or eighteen percent (18%) interest, whichever is less, compounded annually, on all unpaid Rent, damages, and other amounts owed by Tenant, excluding late fees, from that date of Landlord’s final accounting until such time Tenant pays all such outstanding amounts.

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

What is the cap rate?

Look forward to a booming economy, but there's that interest rate thing....

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

Ultimately, putting more down will allow you to get a interest rate and lower mortgage payment over time. 

You'll pay a higher rate and may need to have more of your own money in the deal in case of unexpected repairs.