Moral of story: maybe it’s best to continue investing in high value markets, where I assume you live near, can gauge the appreciation trends, can manage a value add, etc.So I suggest option #7:  cash out refi, and keep doing what worked well for you before. 

@Sippy Hira as others have said, job and population growth are key.Check out quarterly reports from Yardi Matrix for some market insight in terms of where the rent and population growth trends are

The two big trends I'm seeing are investors still coming here to columbus to invest but a lot are looking at dayton as well because it's so close to cleveland and columbus MSA and still affordable.  

If the lynchpin of your strategy is strong and stable rents, this downward trend on local rents indicates you should proceed with extreme caution:

I don't think sees young entrepreneurs as 100% destined to fail or "older" entrepreneurs as 100% destined to succeed; it's simply stating there's a trend.

I've developed a knack and liking to identifying trends in certain micro markets that help narrow investors desires to what is realistically available to them. 

It has been way too low (airbnb) or on the high side (Vrbo).I do like the Marketmaker tools built into Vrbo (free) that shows charts of competitors pricing vs yours and booking trends.

.)- Median Rents by Number of Bedrooms- Unemployment Rate- Employment Sectors Percentages - Owner to Renter Ratio- Family and Household SizesThese are just some of the indicators that will help you understand the quality of an area as well as the kinds of returns one is to except.Also take into consideration the direction in which each of these market indicators are trending.

With that said, if your PM says it was an emergency I would not second guess the decision too much unless it is a trend or your are positive it is not.

https://www.multifamilyexecutive.com/business-finance/business-trends/the-top-and-bottom-cities-for-real-estate-investment-in-2019_o