Compared to conventional, the closing costs will be somewhat higher, the origination costs could be between 2.5-4pts, upwards of $2k for an appraisal and environmental docs is not an existing rental unit... but you could be looking at rates in the low 4's provided none of the 5 of you have low credit.Cheers!

I am also behind on the property taxes as it seemed a relatively low interest rate compared to the credit cards.

That way if you need to go visit the property it’s not a huge hassle and since it’s nearby you can compare it to the market you live in and pull in some very relevant data into your analysis. 

Hey Guys, I'm practicing doing comps on my own property right now, but I noticed there is only one comparable property (3 bed, 2 bath duplex) near mine.

Here the building is affordable and rents are comparable. 

Sounds like you did a good job of comparable, see how the process goes.  

The downside is (1) compared with residential, comps used in appraisals are nowhere near as accurate, so the income approach is heavily relied on, which can produce huge swing in “valuation” depending on cap rates, interest rates, revenue swings, expense costs.

This all depends on your goals, but comparing just the two options you describe, I think in most cases the 10 yr fixed would be better.

I use RentoMeter, as well as our own system to compare with other homes in the area.

The work load is extremely low compared to renting by the room.