Alternatively recognize the challenges of being cash neutral at high LTV, the benefits of no longer paying a LL rent, that rates may lower such that you can refi, that over long term there will be appreciation and rent growth so it will at some point have positive cash flow, etc and lower your initial goal of cash neutral. 

Are there strategies or options you can recommend to someone like me, who is both just starting out and has limited funds (worst combo ever?)?   

Situation: I own an investment property townhome (not primary residence) that I still owe ~$195k on 30 year mortgage at 3.3% rate that originated at $230k back in 2020.

However, with our current low interest rate and rental rates for our neighborhood we could also cash flow appropriately $1000 per month, keep it and allow for further appreciation over the next three years until we would need to sell to capture section 121 tax exclusion.

Since you got an appraisal done about a year ago you can add about 10% to that value they provided to get an idea of where fair market value stands today as a ballpark.No appraiser I know is going to look at the HOA financials and factor that in, because they are only concerned with the asset for appraisal although we all know the health of the HOA and financials still play a factor in the sale of a condo.I'm dealing with a similar HOA right now for one of my listings where the reserve is at only 7% funded for what's needed for the budget and there is an upcoming special assessment for each unit. 

I have noticed a lot of institutional shops and real estate private equity firms will factor in SOFR rates into their analysis.

Cash Plan to refinance when rates are more favorable How did you add value to the deal?

Loan should be CTC within a week of contract and investors enjoying the property and filing their STR permit application for Summer..Rate on a 30 year fixed was in the high 6%'s...big job's report tomorrow that could accelerate rate cuts..stay tuned! 

That would free up $35K to use for renovations of another DP on another REI.That should still allow you to cash flow while savings funds and staying cash fluid.   

Where it helped me was I wanted to launch a large fund, and taking some finance courses and accounting courses added to the nuances as well as several of my professors had managed funds.