@Parris TaylorI love this post it’s spot on.Before I became an agent, I owned a franchise business, and the parallels between that and real estate are uncanny.

But at what point did you consider yourself at a "tipping point" or at a good spot to invest in a 2nd investment property and how did you go about doing so?

This is spot-on. 

Sealing the basement floor might help   (something that soaks into concrete then hardens,   as oppposed to a paint which sits on surface and flakes off)  then clean the carpets,  there may have been dirty spots providing nutrients to the mold.Add a basement ventilation fan that runs on a timer or continously to keep humidity down.   

You’re in a solid spot either way.

There are sweet spots in the C(+) neighborhoods that do really well for people in Rochester, the C and D neighborhoods are extremely tough, city regulations just pile on in those areas and it can be tough to operate well and stay in the black.

This is relying on a 35% expense ratio, which I believe many would argue is conservative and should be higher.Round Number Case Study:$12,000 Monthly Collected rent$4,200 Monthly Expenses (35% Assumption)$7,800 NOI$7,800/$500,000 = 15.6% cap rate - You were spot on.Your skepticism about the 15%+ cap rate was 100% correct.

It gives you something to fall back on if things get messy.Check local options - Call a few nearby haulers — some rural companies will come up steep driveways or pick up from a designated spot near the road.

If you were in my spot today — asset-rich but income-light — would you still pull some equity to get started, or hold tight until rates ease up?

Looks pretty sweet to me!