Going with the rate/term option though you should be able to cover the existing loan and get your rate a little lower.There were also a good number of comments regarding selling the property above that you should consider as well. best of luck and I hope you're able to get it sold before your maturity date hits.

For example, say it's $200k more to buy an identical unit fee simple. 

My situation is identical!

North Dallas-Fort Worth, TX – A competitive and maturing market, but with continued population and job growth.2.Huntsville/Birmingham, AL – More affordable entry points and promising rent-to-price ratios.3.Ocala, FL – Growing steadily with some newer construction and rising rental demand. 

The prospecting is virtually identical.

I sat here and read every comment lol ...very mature. lowkey if you ever need a team hire me lolWelcome to BP!

Here are some things to consider in your decision (i.e. questions you might want to ask):When does the loan mature?

I’m actually helping a client right now work through a nearly identical scenario: they’re picking up an older duplex priced well below market, and while it’ll run about –$100/month in year one, they’ll break even once one of the units gets a light rehab and rent increases. 

Most people never even get that far, so you’re already ahead of the curve.Now that you're sitting on ~$180K in equity, you're in a perfect position to leverage what you’ve built and start scaling with more intention.In Tight Markets, Scale Requires Strategy -Finding good deals—especially in tighter, competitive areas—gets harder as markets mature.

When I was a college student, I definitely did not have the maturity to care about keeping my apartment nice/clean/etc...