Should I stick it out for a YEAR at a lost?!?!?

[Dennis Williams]

I'm closing on a quad in a few days that we bought for $450K  at 3.25% that was fully renovated, a $4,000 commission plus $10,000 credit in closing cost. Its on a single street that has 14 quads with the same floor plans. All units are 2/2. Of the units I'm buying, 3 of the units are rented for $1,050, $1,000, and $900. I am occupying the last one. It appraised for $550K in its current state. All units will be renting for $1,100 by March 2021.  

There is another quad 3 lots down for sale at $450K as well. HOWEVER, this one is half renovated and the roof is 14yr old. The owner took it off the market because he wants full price AND paying no closing cost. He'll pay $13,500 commission to me, but he has leased 3 of the units, starting June 1st, at $750 each.  The area is starting to turn according to a few city representatives I met that are developing the new park directly across the street from our street. They also mentioned their group will be buying a few things in the area to help that turn. There is an 100+ unit apartment complex up the street that is income restricted (rent range $800 to $1,100).  

I have a lend that will lend 90% LTV and 100% rehab cost and 7% int. With this information, would you buy this second quad at $450K knowing you can get $1,100 in a year after the $750 lease is done. I'm guess the 2 non-rehabbed units will cost about $5,000 to reno and turn. I will be using the $13,500 towards my closing cost. Since we can get up to 90% of $550K, I may only have to pay traditional closing cost plus points ($15,000). I do plan to refi this property in 6 months at a 4% int or better.