I recommend you do this each year to adjust for utility increases and other variables.

As for your question, (conventional) cash out Refinancing usually means lower FIXED interest, whereas HELOC loans are likely to be at a higher, VARIABLE interest.

Obviously longer term is better, so you don't have to reapply.Interest rate could include a teaser rate or may be a variable rate.

There are a lot of variables you don't have in the equation yet.

Cap Rate has a few more variables that are useful and needed for commercial which I stated in my previous post. 

personally, I believe real estate holds more value in as a wealth-vehicle for long term investing, so I would leverage my cash-on-hand more with the 25/100 equity in two properties VS 50/100 in a larger property.Obviously lots of variables, but I am still early in my investing career, so I would go the more aggressive route with hopes that time could clean up any mistakes I make :)

This is as if you were asking how much do houses cost in Albany NY, too vague and too many variable for a meaningful answer. 

However, for more dynamic assets (i.e. mixed-use and hospitality) a very different approach must be taken simply because the amount of variables that determine asset performance.

I would rather you err on the side of caution than give me a "pipe dream" remodel budget.Work to eliminate variables, and be honest when you can't.

I wouldn't even try to use rules of thumb, as there are two many variables.