I have never seen a hard money lender have great interest rates and low points.

With rates over 8% for investment properties, it will be tough to cash flow without a creative strategy such as STR or rent by room. 

But they are only one prong of the Internal Rate of Return. 

What are the vacancy rates, how long are houses sitting on the market.

.💫 My next goal would be to purchase another single family this year (I wish the interest rates would drop a smidge), if unable to then continue saving until "the time is right".

Besides NOI/Cap rate/LTV (70%) what else would lenders look for?

If a $100 increase in rent is feasible without risking losing your excellent tenant, it could improve the property's cash flow.Evaluate Loan Terms: Your adjustable-rate mortgage with a high interest rate is a significant consideration.

There may be some local business that would LOVE that property as-is, that just doesn't know about it.I'd start with some fliers, and walk down the street, drop one off at every existing business.

6.2% in "loan costs" and a 9.875% rate?

Just put a tenant in it using your current owner occupied rate!