The new loan would be on about: $208,000 (increasing debt from 184k)Interest rate would stay the same at 3.875 or it may even increase to 4%, so the new P&I would be about 977.5 - 993.02 (up from 928).New cash flow on the property would be $435-$450 (decrease of $50-$65/month).Does this strategy make sense to other BP friends? 

Narrowing down the type of investment that suits your current situation with regard to time, finances and risk (even if you delve into other REI areas later) can really help whittle down the amount of time you need to devote to research and decreases the probability of analysis paralysis.Best of luck in your new adventure!

(We get a %0.25 rate decrease when we pay with an auto debit payment.

I understand real estate far better than anything else, I can identify and execute on market inefficiencies, force appreciation, increase rents, decrease expenses and get long term fixed rate debt under 5% all while owning hard assets that cashflow.

Decreasing IRR over time, assuming you're not taking anything out over time, seems counter intuitive.

That is a great interest rate and in 27 years inflation has greatly decreased your debt and you have offset the payment to a tenant, and you have depreciated it over 27 years and got all those tax benefits.

The population has decreased 11% since 1990 while the state average has increased 13%.  

High expenses, management problems, decreasing values?

Can we just talk about the recent 75% decrease in Real Estate Value in Flint, MI?

Doing so will slightly decrease your personal credit for a few months.