The population has declined for years but just last year has increased.

That will increase the profit by quite a bit.In the meantime, now it seems that Amazon's HQ2 will make it's impact in NYC soon, the Appreciation will continue.

Even if you roll in the closing cost into the loan, it should only increase monthly by no more that $30.

Your goal is not to avoid raising rents it is the opposite in order to increase income.

@Alison Rauch yes you can pull cash out later assuming value increases.

I'm curious what leading indicators people use to determine what areas may increase in value.

At a certain point, the market will perceive increased risk in the bond market (already happening), and the way our national debt is going this will eventually happen with US treasuries too.

I plan to, but also plan to increase the deposit.  

It increases property value?  

@Jonathan Depa I'm not sure that short term properties are dealt with any different than long term tradition rental properties, but in 2009 Fannie Mae increased the number of properties that a bank or financial institution can finance to 10.