What would concern me is the unit you bought 2 years ago has basicly no appreciation , based on this unit as a comp . 

We own the property outright, so there is no work needed to acquire the land and Airbnbs are allowed.

., almost no ones old enough to remember that reference :).

What if it only cooled to 90?

I understand the capital region, the Adirondack region, and Western New York (Rochester and Buffalo) have their strengths and weaknesses, but I'm going to focus on this central part of the state.Binghamton is my favorite investment market for a few reasons, but it's not for everyone.STRENGTHS-  low prices-  blue collar overall, meaning lots of resources for contractors-  growing university, consistently growing rents-  I expect to see an actual 10% cap rate here, higher if the property needs work-  compared to downstate, permitting, evictions, etc. are simple and quick-  no code compliance inspections required on existing multifamiliesWEAKNESSES-  no. natural. appreciation.

If you use a HELOC, I would think about a BRRRR-ish strategy (No perfect BRRRR exists right now unless you go full off-market door knocking/postcard campaign/etc) to where you can refinance and get some of that money back, so you don't have $25k chunks of money at a 9-10% interest rate floating out there indefinitely.

The main tenant called me to demand that I remove the unwanted guest because he would not leave.

No investor is paying $850k for a 1,000 sf house.

Seller financing is soooo much more valuable than a bank for so many reasons.I was just talking to my wife about this, I have no intention of buying another investment property with traditional lending.

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.