Then, since most tenants are on month to month leases and 100 dollars under market rents, that NOI will rise dramatically.  

Many of us have not experience an interest rising environment like 1941 (ten year was 1.95%) - 1982 (ten year reached 14.59%) and the investment strategy will change when the interest rates rises in the years ahead.  

Values have been rising slightly in that neighborhokd, but I don't think it really fits this trend too much.

Keep refinancing to purchase the next, and if interest rates rise it will be a small blip in your progress - that's part of investing right?  

An ARM HELOC that has no capacity to borrow against is just a ticking time bomb if interest rates start to rise (which could happen if the US dollar decides to devalue).

5.How much exposure does the micro region to Fed’s incoming interest rate rise?

On one hand, I'd like to put my rental money into equity instead of the 1.2k I'm paying monthly right now, but on the other hand, the condo prices in Vancouver proper just seem so inflated.  

Any specific neighborhoods on the rise.  

But that's a great point about leads picking up as owners get a little anxious due to taxes and rising uilities!

New development is crazy inflated (For instance the house built last year on the lot next to my house is a four bed 3 bath with 200 more sq feet.