Would a home equity loan be a viable option in this situation, especially in regards to eliminating some of the red tape I'm running into with a refinancing an scorp-owned property?

While a western WA deal might not meet some Midwest cf metric like 1%, it will be above the market cap rate or below FMV of comparibles and give you options. 

Was hoping to get at least 115k based off what comps were.

You want a property that has the highest probability of maxing out on appreciation.Once done, you would want to explore the options below to maximize your rental income:- STR- MTR- Rent by RoomYou should go into this understanding YOU will live in the worst unit - in an illegal unit in the basement if you can!

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.

DM me so I don't lose you, we are not based there (CO-based until probably 2033)

This gives you flexibility and a clearer understanding of how you’ll proceed based on market changes.

@German Fernandez Love those options!

I would recommend fixing it and then determining whether or not to sell based on cash flow and profit after the sale.

This is how much you need to increase your room rate to become profitable based on last year's information.