First Investment, seeking feedback

[Patrick Rafferty]

Hey all! Getting a signed contract for a home in my local area this week.  Wanted to see what the experts in this community see

Located in NJ
SFR, 3bed, 1bath, 1,100 sqft, lot size 9,435 sqft
Sits across a lagoon, Waterview not waterfront, currently not in a flood zone (reassessed next year and expected to fall into one)

*Town requires that it be lifted by 2024, the cost will be about $50,000 all in.

Purchase Price: $175,000 (10% down)
Last Tax Assessment: $236,800

Taxes: $5,328 per year ($444 monthly)

Home Insurance: $1,200 ($83 monthly)
Flood Insurance: $450 ($37.50 monthly)

PMI: $101 monthly

Electricity: $100 Monthly

Gas: $50

Water Sewer: $25 Monthly

Repairs & Maintenance: 5% ($110 Monthly)

Purchase:

Down Payment 10%: $17,500

Estimated Closing Cost: $9,000

Total Down: $26,500

30 Year Term @ 3.875%

The goal is to rent the other 2 bedrooms at $750 each.  Ideally, move out within 4 years and rent the full home for $1,800-$2,000/mo 

Raising the home is obviously a worry.  Curious to see thoughts on taking hard money and raising immediately or wait over the 4 years and take a home equity or cashout refi?  Learning as we go here.

Any input is much appreciated! Let me know if I can provide any more info