Inventory in my market is almost non-existent and prices are not dropping.

People keep dropping the carafe for the Mr Coffee so I end up scouring Craigslist for new in the box replacements.

They first girl they had on my account was failing so the owner dropped her and gave me a new person.

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. 

In Chicago, we go to the cook county recorder site, type in the address or PIN and the site will show all recorded docs including the mortgage.

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