The only thing propping them up and forcing them higher is our monetary system and governmental regulations that limit competition in the market place. 

Thanks everyone, just to clarify, I'm looking to move my properties into LLCs for the (however thin) liability protection.

In our still relatively limited experience, seller financiers are usually looking to get a higher asking price in exchange for the favor of the private loan. 

The result could be limited, no rent growth or even rent decreases.

I might try the “emergency service” which is $20 with limited data and just use that for the smart locks and ring cameras.

Off grid sounds cool to some, but it really limits your potential guest pool.

If you were limited in cash reserves atleast you'll have the HELOC as a 2nd or 3rd back up source of funds to weather storms.

So my limited experience with a new build did not yield cap ex expenses with what you are proposing. 

Our manager also helped and encouraged us to limit our repairs/spending based on the area we are in and the type of property.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.