Underwriter counting rental property income against me

[Sam Doyle]

Hi all,

Have a weird situation where I recently purchased a rental property 1 year ago and am looking for a new loan on a new property. I have great credit and W2 income to purchase a property before my rental income (~2k a month net). The rub is I invested ~100k in the first year in deferred maitenance + upgrades/remodels and the underwriters say that they cant use current cashflow & new leases and have to use the old 2022 Schedule E numbers which are low from vacancy, old leases & insane 1x deferred maintenance bill from purchase.

Do you know if I am simply SOL if I want to qualify for another conventional loan until I get my 2023 Schedule E next year? I'm actually cashflowing >2k a month on the property now but they are basically telling me its -5k / month given the now very outdated 2022 schedule E. Is this just a bad underwriter or is that underwriting policy everywhere?