However, since the fed keeps raising rates, the payment has gone from $325 to $635 and it's murdering the cashflow of this property.

@Jeremy L Gunn- thanks for the post ...1) most  heloc  lenders  are  not willing to  lend on rental  proeprties    2) the   few  lenders that are  will have  helocs that are  varaible ( prime rate + a margin )  ....its  unlikely that  a fixed rate heloc  exists  for even a  owner  occupied  scenario  ......there are  lenders  that  offer   fixed rate  2nd mortgages  but these are  not  HELOCS   and these  are  structured more like an  installment loan  like a car loan ......also worth noting- with the  fed fund  increasing by .5%  today - all heloc rates  will be increasing by .5%  soon 

Tall grass, boarded up windows, bla bla bla.You are NOT looking for a distressed PROPERTY, you are looking for a motivated SELLER.

Getting something where somebody else takes care of cutting the grass and deciding when a new coat of paint is needed is where young couples today are.

From the news I'm seeing, it looks like prices will be flattish for a period, with some additional downside risk if the fed pushes rates into the 8% zone.  

We also saw the Fed print lots of dollars which contributed to rapid inflation which let to the Fed raising interest rates to combat it.

A lot of people (myself included) have the "grass is always greener" mentality.

That seems like a pretty obvious scenario to prohibit if the fed wanted to 100% prohibit ever using the property for your own use in the future.

In addition, the Fed wants to raise unemployment to around 5%.

Navy Fed has great rates, too.