I'm from Chicago and I spent over 15 yrs. as an agent and an LO.

Im not 100% sure but being that it is only 5 yrs old you should be able to have a bank or credit union get you a NADA value.  

Shes owned the property for 12 yrs and has just over 50% equity in the property.

A few thoughts about your analysis- don't forget insurance,  replacement costs (e.g. roof $6,000 / 20 yrs.= $25/mo.- do that for appliances, HVAC, water heater).  

CMBS: according to my mortgage broker, to get access to the best debt terms right now, I'd need a facility that has been stabilized for 2 yrs (85% occupied) - then, for 30-35% down, I could get the 10/30, 4% terms (with some interest-only yrs on the front) that are available through life companies and conduit lenders right now. 

From what I remember, it could use some updating in the more important areas considering its like 60 yrs old. 

Join all the Atlanta REIAs, I was a member of 3 once 8 yrs ago. 

My situation:Currently have one rental property that I’ve owned for 7 yrs and rented for 4 yrs, which rents for ~$23k yr.

Yeah, really hoping for him to use an LOC/HELOCs on the properties to then go and purchase a larger property.On the larger property bought he could potentially (after the 5-10 yrs of interest only) refinance the property and pay off the LOCs of the other properties?

W/D in units.Inspection report looks pretty good: nothing major, 4 furnaces from the 80's, 2 others are new, water heaters need replacing soon, EPDM roof 10 yrs old good condition, some windows newer vinyl others original need replacing, foundation and bones pretty good.