Hey Samantha, I'm personally not a fan of paying off mortgages—especially fixed-rate long-term debt like yours.

After expenses, it provides a net income of $1,500 per month, making it an ideal investment for long-term passive income.

Quote from @Shane Cordrey: Im a new investor trying to get into multifamily property investing and long term rentals.Welcome, Shane!

I would like to convert the garage into a one bedroom and rent either to another long term tenant or mid term (30 day min for professors or traveling nurses). 

Hi Tom, I would reconsider taking out a full two hundred thousand dollars for a HELOC unless the numbers make sense in terms of possibly making that money back and paying off the loan. 

It seem like a great long term hold with the appreciation BUT I think selling would be ideal.

If it's below 7% then we sell the property being taxed as a long-term investment or 1031 it into a larger BRRRR.

What's the long-term plan?

Make sure to keep an eye on property management and maintenance to maximize long-term value.

One thing to watch out for is that Atlanta has significant short-term rental restrictions in place, and while Buckhead is trying to secede from the city of Atlanta's governance, it has not been successful in doing so.