My agent has recently shared a listing of a potential monthly income rental property in Puyallup areDetails:4 Plex (2 of 1 br/1ba and 2 of 2br/1ba)Located in South Hill neighborhood in PuyallupBuilt in 1976 (needs some renovation)Current Monthly income: $3k 5% CAP Rate(With renovation can potentially increase monthly rent up to $4.5K 8.9% CAP Rate according to Rentometer.com)Knowing that real estate market in Greater Seattle area is slowing down, should I pull the trigger on this opportunity?

Value of the properties is 40k each (160k total) looking to pull out 110k.

. $30-$60 eachOne of the stoops is pulling away from the houseGutters, about 195 linear feet - $1000Its not a 2/1 on each side.

Every time I do an analysis I feel like I'm wrong so I don't pull the trigger.

If you are holding on to any of the prior properties, pulling equity out of those might be another way to come up with the cash. 

The goal would be to pull enough equity from property 2, 3, 4, ... to both payoff property 1’s Heloc and fund the down payment for subsequent investments.

Would/coukd the HELOC be “revised” or “revoked” if I’ve not used/pulled any funds out?

I've been reading and listening to the media from bigger pockets for the past 5 years, and at the end of 2017, I pulled the trigger to buy my first rental property. 

However, with this strategy, you require your credit to be pulled multiple times to refinance the loan (and for me, I finance my first purchase as well). 

The only thing I know about in the Vegas market is that properties don't sit.I really can't seem this being a solution for Zillow in the long run but only time will tell.