However, when you factor in the HELOC, we have a negative / break-even cash flow (HELOC payments are about 25% of the revenue from both).

They're good to have open access to capital/cash/equity to a property ahead of time so you can execute a deal or purchase when the time comes on a split second decision (versus having to apply to a loan at that time which might take 20-45 days to get approved/closed/etc plus by that time you dont know what your future income/credit/assets will be like in order to qualify anyway).The second use is sleep at night factor and having a reserve of capital in the event an emergency event occurs in life.For these two reasons is why I use lines of credit.

Values in Commercial are a RESULT of the factors that formulate it's financial performance. 

That's a factor to consider if you have children and want them to be in a good school district.  

Again several factors at play but just providing information based on your criteria.

When you say the agent is not "running the comps correctly," what specific factors might they be overlooking that I should pay attention to?

Pay attention to whether the room is a primary suite (your own bathroom) or shared bathroom, how many roommates, etc. as those would factor in to how much someone would be willing to pay.

Construction loan through a hard money lender - where your purchase price and rehab budget are factored into the loan, this will give you the highest cash on cash return2.

Below are the key factors companies consider when choosing a city for investment:Low operating costs: Companies are unlikely to choose a location where state income taxes, property taxes, and insurance consume a significant portion of their potential profit.

Here are key factors to consider when searching for a reliable broker.A good private money broker plays a pivotal role in facilitating real estate investments, serving as a bridge between investors seeking capital and private lenders willing to finance those investments.