Rochester, NY has a history of low vacancy rates and supply of well constructed buildings.

I prefer it in low income neighborhoods.  

I wouldn't assume that this experienced investor could also just get a regular commercial loan at typical rates 10% down and 5% interest rate. assuming again they have proven to this lender in the past that they are extremely low risk?

Now since the landlord had undertaken renovations to create a low allergen place to live, marketed their building as such - being forced into accepting an ESA would "fundamentally alter the nature of the services provided" and thus allow them to legally decline the request!

Usually a decent house with low equity.

You are low. 

I do see that there are quite a few variables to the equation that should be taken into account, so again my thanks for making me aware of these.  

I appreciate your perspective on paying off the debt; personally, I'm ok w/ carrying low-rate debt and arbitraging a higher rate elsewhere, but to each their own.Did you use your HELOC at all to use as fast-cash for a rental purchase?

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That way you can take advantage of low down payment loans. $10k doesnt leave much left for reserves so I would only do it if you are also able to save a decent amount of your salary every month, just in case