3) Your $250k with 30% down => about $750k (you also need funds for closing costs, taxes, etc.)

Pyment is $1,054, but $625 is interest.If you sold current house and bought new one with same mortgage amount, but current interest rate of 7%, the payment would be $1,663, interest amount $1,458.So, the interest cost difference would be $833 month!

@Vincent WeselakIt’s a good idea to get an estimate for your insurance costs upfront since this can vary based on the property type and location, and it’s a key factor in evaluating your cash flow. 

I do not think it would cost too much to tone it down howeverI got a $10k quote (minus fees) from an interior decorator recently to redesign.

In southern CA, even garage conversion ADU additions are typically costing more than the value added.  

My favorite ones (as a Contractor) are those like : "How much will it cost to re-wire my entire house?"....."...

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I would strongly consider building equity to make a stronger down payment and further decrease your monthly cost. 

Most of the industry is blue collar work and some of our tenants have their rent paid by their corporate HQ, our all in cost for a new home there is $250k and we are bringing in $3k a month in rent and have had zero vacancies. 

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