ROI is much higher and can out perform those betting on appreciation.

The tenant misses 2 to 4 payments a year or makes partial payments, so it's under performing. 

We performed a cash out refinance 6 months after purchase.

Slightly under-performing in my opinion, but have have plans to increase these #'s this year (July 2019). 

I am performing my first 1031 Exchange with this one and hope to split the proceeds between 3 new rentals, or 1 small (2-4)multifamily.

I would borrow off the properties that are least performing..

. - offer a short-term strategy for them to fund your long-term hold.You can offer 8-11% on their money for a medium term loan (maybe 12-36 months) so you can perform a cash-out refinance through conventional or commercial means after the property has been renovated.

I am not familiar with your region and how the mini-split systems perform, but if the insulation is good and the units are not too big they should be a good alternative. 

All 3 numbers in reference to a benchmark (their average), so you can see if your property performs below or above the benchmark.

How are you boosting the value?