A $400,000 home should rent for $2,000 or more, and shouldn't need $600 in monthly repairs. 

@Sang Kim- thanks for clarifying you are trying to get a commercial loan ...this is a  completely different product than a home loan ...You still should be able to  locate and obtain a good commercial loan  without  having to pay any fees upfront  ( other than possibly paying for the appraisal after the  loan has been  approved )

1st, lets talk about equity in your homes.

There are new construction homes about 2-3 miles away going for 190-200,000 but I think they may be a bit larger than what I am building.

We own our primary home in the Portland area, and have had an STR condo in Seaside OR for 2 years.

The income amounts look to be long-term rental (which they are and came in 30% lower than what the STR average did) and 2. why did the appraiser look at homes 20 miles away to compare to when there are PLENTY of rentals in town...

More than 50% of German residents rent their homes, a trend that has been consistent for decades.

the way to go about it is turn it over to your insurance and get the police report.. sometimes insurance will then subjugate the claim and go after the tenant criminally I had that happen on one of my rentals where the tenant did 40k in malicious damage on a new construction home I purchased in MS. 

Obviously, you should work with a good agent, lender, and home inspector to assist with each phase to ensure you are getting the best deal.

Let them know how much you enjoy living in the home and mention that you’re planning to buy your own property in 2025.