A 30-year amortization would decrease your monthly mortgage expense a little bit (though the higher interest rate will also increase it, so you'd have to factor those things to see if they make a difference). 

For years paying the bill wasn’t an issue.However, as inventory has ballooned, prices have decreased.

As your family grows, the ability to pick up and move decreases, especially once the little one is in school. 

Demand there has decreased, not because there are less people going, but because that market got oversaturated by STR investors.

That obviously decreases the value of the property for investor buyers because they'll be the ones handling the rent increases after the closing.Even if you're not planning to sell anytime soon, you want to start increasing rents slowly.

There's a poll going on in these forums, and most of you believe that mortgage rates will decrease in 2024. 

@Jannet Matthew switching utilities over to the tenant can be a great to decrease expenses for a property.

@Brian Szykowny, Your workload relative to income should decrease along with some other scaling. 

.- sounds like you have  already  figured out  what you should do .....also  - fyi  regarding  any  seller  credits  you can  obtian ....if you believe that you  will sell the property /  refinance the loan or  possibly pay it off in short term - dont use the seller provided  concession to buy rate down -  ask for the  price to  be  decreased  ...if you think you will carry this loan for a longer period - consider the  buy down  rate/ fee options 

Doing a 40 year term as well, your payment does not decrease significantly from a 30 year due to the additional interest charges.Option 4: Of the 4 options presented, this appears like the choice I would make.