Keep in mind those people will live somewhere and SOME of them will be good tenants!

Quote from @Jerry Cox: Quote from @Michael Dumler: @Jerry Cox, be mindful of your dates and contingencies within the binding agreement if you go under contract.

Keep in mind that I'm in a rural market. 

In my mind anything can be fixed and I don't sweat many problems.

For something more robust, tools like Excel or online calculators from financial planning sites might better suit your needs.Your ROI Formula:ROI = (Net Cash Flow ÷ Total Out-of-Pocket Investment) × 100For your scenario:Net Cash Flow = Annual Rental Income - (Mortgage Payment + 401k Loan Payment + Other Expenses)Total Out-of-Pocket Investment = $40,000 cash + $50,000 loan payments over 5 years.I came across a piece in Bloomberg recently discussing creative financing, and they touched on ROI calculations for multiple loans.Personal anecdote: A buddy of mine leveraged a 401k loan for a fourplex.

Will definitely keep this all in mind as I move forward.

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes. 

As you indicated, make sure you leave something in the plan for contingencies (absolute minimum of 10%), and keep in mind the cost to hold during the time it's under construction and being marketed.Make a plan, check it twice, and decide if it's worth the effort. 

Just be mindful to keep relationships with your tenants strong.I’m curious... if you had to pick just one route right now..sell, refinance, or optimize..where do you think you’d lean, and why?

In most states they must be published in a local paper which all are online.