We can go higher if the numbers make sense. 

I found this one on realtor.com by doing a search that only showed me properties with asking prices no higher than $150k

@Bryan HartlenManaging low-end properties can be demanding due to higher tenant turnover, increased maintenance needs, and frequent rent collection issues.

However, prices for a comparable 5-bedroom home in Washington are significantly higher, likely around $1.5M or more, which would mean taking on a new 30-year mortgage with 6+% interest rate and limiting new investment opportunities.2.

Nightly rates: Yes, but the benchmarks should also be lower.Year 2 turnaround: What strategies could we implement to project a higher ROI in our second year?

In your case since your properties are paid off, I don' see any reason why you would use a higher interest HELOC instead of just doing a cash out refinance.  

Those costs are a lot higher than you might expect.

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

The higher the cap rate, the more risk involved in the building. 

The northwest suburbs of Akron are the higher  income areas.