What are some of the key points of consideration one should observe before taking out a first-lien HELOC?

It'll be interesting to observe how Cleveland's rental market shifts over the following months.

I noticed a couple interesting observations in this thread.

Although I watch the market as a curious observer..

You give us permission to discuss our observations with real estate agents, owners, repair persons, or other interested parties.

Also, property prices can't go to the sky because of affordability so the capital appreciation potential of the most expensive US markets might have been reached for some time, especially in our new world of high interest rates.I agree with you, your observation about Airdna's comparisons being somewhat of a misnomer has been my experience in south america too.

When you say mot taken action yet was a good observant.  

The seller even signs a document so stating (no duress) in the closing process.The only "slime" in the scenario - if any - is that which is inserted by the observer. 

I'm actually interested in this question too, so would like to hear others input...perhaps I dont know enough about this residential commercial space, but sofar dont know how a cap rate wouldn't be one important metric to consider (among others), especially if speaking with a lender.Just a 3rd party observation to the discussion. 

From my observations looks like his rent price is slightly above whats going in the area.