Perhaps fix up a couple units, increase rents, live there for 1 year, then move on to the next multi family.

In a rising market, I personally wouldn't want a 3-year lease - unless it allows for incremental increases in rents during the lease term.

NPV gives you a dollar figure that represents the increase  (or decrease ) in cashflow for the term of the investment. 

@Tamara Smith Short term rentals can be a great way to increase your cash flow, but be careful about the specific locations you choose as the laws for each municipality are different.

Those where the rent has increased but the value has not, hold. 

House hacking allows people to start this journey in their own home and increase leverage through FHA and other low-down-payment loan options.There is nothing stopping you from just buying a rental property.

If you are speculating on appreciation this may be the wrong time to get into the market, you will need cash flow to survive.Your best investment oportunity will come from multi unit properties with the use of leverage to increase returns.

HELOCs fluctuate with the interest rate so you need to forecast if you have enough funds to cover yourself in the event of hardships where the interest rate rises, rental rates drop, vacancy rates increase etc. 

Now I purchased this house for $48,000 and I can actually increase the rent on two of the Units, but putting that aside, $1,475/$48,000 = 3.07%.

If it averages $50 a month, reduce the rent for Tenant A by $25 and increase the rent for Tenant B by $25.