Per Dawn statement : sounds like I need to start working on rent increasing in 2018@Bob E.  

Jason.Congrats on the purchase.I think you should ask them to sign a new lease and that you're looking for an increase in the rate.

Too vague of a description to offer any real value in estimated cost and the cost of construction is increasing significantly right now in our market.

What's the best way to tap that equity without drastically increasing my borrowing costs?

As for rentals, speaking in generalities, the apartments and rentals will attract a better tenant in my experience, the schools tend to rank higher, but prices in general are higher as well.

Rent must keep pace with equity growth (appreciation) otherwise the investor is increasing their risk. 

I also love YNAB for personal budgeting and use it religiously (knowing your income/expenses to the penny is key to profitable money management), so for the past few months I've increased my savings by pretending I'm carrying a note on a BRRRR and paying money into an account as if I'm in the middle of a 6 month rehab phase.I recommend that if you haven't laid out a business plan yet, grab a pen and paper and start mapping out your goals and how you'll get there. 

We also saw a avoidance of wood frame homes due to the fear of them being weaker in storms, accurate or not fear is a strong factor.We also saw a boost to the market as a whole with the increase in spending and increase in work from insurance claims.

Good site to double check for rent controlled areas is ZIMAS.Obviously, the tenants were not happy about the increase in rent.

The deal seems pretty attractive, and the seller appears very motivated to make a sale.