Hi Levi,The first question is if this is currently on a short-term loan as the 3,500 over 4 months is fairly significant and you may want to look at refinancing sooner. 

They were getting a fair amount of leads but most of them honestly were either duds or low end properties. 

Hey Drew,I work in the investment space and work with a bunch of hard money lenders and the typical rates I'm seeing from them are around 11-12% right now with a 1% origination fee.

thank you for your time..That response is very fair.

Rate drop predictions are largely a bunch of hopium from Barry, the MBA, and the NAR looking for a bailout. 

@Ramada Evans your approach, not doing your own research and just asking a bunch of strangers for general advice, has a high probability of ending badly. 

I would recommend making a bunch of phone calls.

It seems like it should be a fairly straightforward answer. 

I have a bit more DD to do, but this helps a bunch!

Rent in many markets have dropped substantially and new renter may not go for that amount at all.Having said that, in markets where section 8 is king, you may see a higher FMR (Fair market rent) with section 8 than most.