I wouldn’t risk an adjustable rate when the cash out refi is only half a point more.

This property is in a zero appreciation market (meaning appreciation is historically below inflation.  10% decline in value may never be recovered in inflation adjusted dollars. 

My ACTUAL experience in Vegas (keep in mind only 14 houses over 20 years of ownership, so small sample) Is WAAAY less than 20%, closer to 10, maybe 15%. (1/2 is one repair and the 1/2 is taxes and insurance)You have to adjust for taxes and insurance which vary immensely.

However, times have changed.I have also noticed although an active seller's market, I believe there has been some price adjustment due to the "pandemic".

To mitigate the risk of all-you-can-eat, add a risk % to the averages you determine to allow for overages, then adjust annually based on actual usage.

@Craig Schneider I’ll be adjusting my vacancy to 8% thanks!

He can also tell you approximately how much tax you would pay as he would know your federal tax rate along with your state tax rate(if any).Regarding calculating gain on saleSales price less adjusted basis = gain.

A refi will just adjust your rate to keep the same balance and your payments could decrease but no cash, equity will be the same.

So you adjust, you shift, you listen to those that have made the mistakes, and hopefully, you avoid them.

I’m curious what kind of rent adjustment this calls for?