With rates finally easing a bit, are you planning to refinance existing properties, buy more, or just wait to see how lenders adjust pricing?

Although it is usually to the investor's benefit to do a cost segregation study the first year of owership, properties that have been owned for longer than one year can also take advantage of the tax benefits and cash flow available with cost segregation.The amount of depreciation can vary between 25% to 50% of what you paid for the property mimus land with the 100% Bonus Depreciation. 

.), you're often limited to $25,000 of passive losses per year—and that phases out completely if your modified adjusted gross income (MAGI) exceeds $150,000.Real Estate Professional Status (REPS) or the STR Loophole: To use rental losses to offset W-2 or other active income, you must either:Qualify as a Real Estate Professional (750+ hours, primarily in real estate) and materially participate in the property.Or, if it's a short-term rental (average stay under 7 days), materially participate (100+ hours and more than anyone else) to convert it from passive to non-passive—even without REPS.Standard deduction vs. itemizing: You mentioned your CPA said deductions didn’t help due to the standard deduction.

However, Even though the property is in service in 2025, you could still do a cost segregation study in 2026 and make a Section 481(a) adjustment to catch up missed depreciation......

You needed to sell before Jan 2025 to benefit from this rule.Right now, you owe capital gain taxes, unless you do a 1031 exchange or implement some other tax deferral strategy. 

A big sports bet might offer a quick adrenaline rush but real estate provides tangible long-term rewards like equity growth, passive income, and tax benefits.

From an investor standpoint, when you factor in lower CapEx, warranties, energy efficiency, and potential rate buy-downs, new builds can actually offer better risk-adjusted returns than older resales.

Since both properties you mentioned were placed in service in 2020 and 2021, when bonus depreciation was also 100%, doing a cost segregation study along with a 3115 catch-up adjustment could significantly increase your first-year depreciation deductions in the year you decide to execute this.

Your current situation with your properties is proof of the benefits of long term buy and hold in real estate. 

Don't look now but the FED meets tomorrow and is highly anticipated to reduce the FED Funds rate further by .25%Most Mortgage lenders have already priced this adjustment into scenarios which is why mortgage rates hit the lowest point of 2025 last week.