You will likely be in the high 7's or 8's right now but my heloc went up several points in a short time and that could happen again. 

That's kind of hard to stomach, and that in itself could be the cost of another SFH in my area.I also just despise paying high interest in general, so admittedly part of my reason for considering paying down the new mortgage is for peace of mind.

RE is highly cyclical and down markets can be painful for years…especially with leveraged properties.Good luck out there :)

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

You can definitely get HELOCs on investment properties, but the interest rate is high. 

With high interest rates, we'd be looking at around $3800 PITI.

I live in NJ, and it has a very high cost of living and with the current rate of interest, makes it a very pricey market so to say, and not that investment real estate friendly.

Anyone with directions will be highly appreciated.I am thinking of buying a 4-bedroom property that has some potential for student amenities.

Borrowing from the equity must be done wisely or you will end up with negative cash flow and at high risk due to over-leveraging.NOTE: I use interest rates much lower than they currently are in 2024!

Zillow does have a Price my Rental Tool that allows you to manually review rental comps in the area, and I highly recommend it when setting prices.