Tapping into that equity through a HELOC or cash-out refinance and reinvesting in higher-performing assets could improve their ROI significantly.

Index funds beat those returns by a long shot and don't have furnaces to replace or tenants to deal with.As I see it, the only way to actually cash flow in the current market is to do a higher effort strategy (STR, MTR, rent by the room, etc.) or have low to no leverage. 

Agreed with the other comments about the higher risk with HELOC in this particular market.

I have two duplex units and am subdividing into townhomes for higher market value.

Any way to capitalize on this garage outside of just attracting higher rents once I move out and/or higher sales price if I decide to sell?

There are other markets in Ohio such as Dayton and Cleveland that would have higher cash flow.

Not to mention we have grown our PM staff by almost 50% to help better support our growth and overall management.We are currently building out 5,000 lots ion Florida If you would like a free copy of my best selling book "Passive Income Playbook: How To Leverage Build to Rent Real Estate to Buy Back Your Time And Have a Legendary Family Life"  just let us know and we will send you a copy thanks Brandon  owned by a Japanese company, the floorplans are pretty poorly designed and larger than build to rent should be. the 4 plex they have is a higher price per door than th national average and needs to be modified. horrible designs.

Fund higher quality cosmetic / light rehab for durability and dignity for tenants.

It's a combo of low housing supply, higher interest rates vs. seller expectation, and a poor economic outlook for the country.As an investor with a few rentals it's like like the parking brake is stuck on.

Two things are certain, 1) taxes are lower today than they've ever been in the past 80 years. 2) they are certain to be higher in the future.We should all be focused on paying the lowest “lifetime tax bill” not the “lowest tax bill this year”.By paying 20% and settling up my long-term capital gains is not a bad deal.