Also may want to leave a bit more of a buffer for both the initial repairs and the on going maintenance.  

Finally, you have to ask yourself if you have the capital on hand to cover the mortgage and other expenses should one or more of your tenants leave after receiving the rent increase notice.

However I don’t think it’s the best option for someone leaving the island soon like we are.

About 2 of the units in each property have been renovated, leaving 6 units needing to be updated as tenants leave.

Best of luck.PS...also make sure that you won't leave yourself too house-poor on your primary home with the HELOC and you factor in the payment cost on that money as well.

They didn't and I had to offer cash for keys to get them to leave.

s points about appreciation and IF we were to leave I would consider keeping our primary residence and renting it out knowing full well that once paid off it will be worth well over $500K without much appreciation let alone even modest appreciation.

It’s pretty easy to figure out the price the materials these days, leaving you to decide on their markup and labor rate.Jay

Double check your local laws as if it is a illegal apartment the fines when a mad Tenant leaves can be A lot. 

That leaves 20% locked in the duplex, which is fine, but I suspect that your duplex is not the best use of your equity.