I would wait until rates dropped or unless you found a great deal for second purchase. 

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

Further due diligence would need to be done.The good news is, there could potentially be maybe $160k of equity upside and assuming the property had significant unlevered cash flow, you now dont have a mortgage/debt risk to worry about and then can refinance out in the future if rates drop.

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

My credit score is 790 but since I'll be using my HELOC to purchase the property, it'll probably drop to 740. 

Alternatively, you could also purchase blue chip company stocks and wait for them to rebound once rates start dropping again. 

Would you mind dropping links to any good threads that can help a beginner looking to invest in 5-12 units properties?

We were talking about dropping the rent from $1650 to $1600 to drive some interest knowing that we are approaching holidays and the slower winter season, but we just got our first solid applicant last night (Researched comps showed pricing should be: Zillow $1688, BP $1650, Rentometer $1600, two comps in neighborhood with 1 less bedroom are at $1600 and $1550 but they have been vacant for a while).

One of my rental units had it in the closet and one of the lines going to the unit was not insulated and was dropping condensing water on to the sheet rock slowly.  

I suspect we'll continue to see prices drop for 6-12 months.