We added value by furnishing the property, added 2 decks (one for a solo stove, and one for a large hot tub), improved the gravel driveway, mulched the landscape, and added a lot of string lights.

Clear opportunity for improvement How did you find this deal and how did you negotiate it?

I was a SWO for 8 years, and the best thing I did to improve my financial life was real estate investing. 

We've invested around $50,000 in improvements (central air and hardscaping) and our mortgage is a 30-year fixed at 2.5%, with a PITI of $2400.We think it could rent for $3,750 - $4,000 per month based on local comps.

I have two options 6.625% 30 year or 6.15% 15 yearI want to invest aggressively in the near future on more propertiesThe loan is only $110k and the monthly payment for 15 year is $563 and $750I will earn 2-3k a month in gross rental revenueThe property is in a declining population areaRecently rennovated, and all major things were relatively recently improved such as plumbing, the roof, a/c, electric, etc.Will require a lot of management as it is rent by the room so I may switch to a normal rental after 10 yearsI'm trying to find what will mathematically net me the most money in the long run.

They may sell in a few years when interest rates drop or keep it longer term as cash flow on the property improves!

Fort Lauderdale has higher purchase prices and nightly rates, but Pompano has had an influx of investment and continues to improve, specifically by the beach. 

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

And I would like to stretch it out longer to improve cash flow.

Because of the relationship I have with the contractors I use, there is no material mark up when they source the material.Basically there is not an issue.The CSLB law on prohibition of T&M residential home improvement contracts has been around a long time.