The property is currently tenant occupied on a month to month lease at $1150 per month. 

It's a little rough with rates where they are right now for products like a DSCR (Debt Service Coverage Ratio) loan and the associated points you pay out for closing, but the bright side is that if a deal still works despite those rates - there's no reason not to lock it in.

And don't let cash flow be the end all be all, if you have people living with you, your expenses and mortgage is significantly reduced that you pay and you'll be saving money, learning to be a landlord for the future, and building equity all at a young age! 

One year ago, I was hired to help a landlord whose tenant had stopped paying.

I don't know the rules in the US, but in Canada, you can do that every 2 years and when you sell, you don't pay taxes on the capital gains.

@Devin James Another option to consider is to pay the seller a bit more but receive a lengthier settlement period.

Now you have an approximate value per square foot. 

Happy to let this property do what rental property does best- pay for itself.

If you don't end up closing the deal, you may just need to pay for site-plan and other minor expenses.5.

Delayed gratification pays off!