One of the reasons I joined BP this month is to participate in a weekly connect just like this, as I know how powerful they can be. 

@Cameron Porter ultimately the most important part is the ARV, inclusive of the expected rehab costs.

I'm getting nervous that the area is eventually going to become unlivable because of the prohibitive cost of the insurance.

It’s crucial to ensure that your cash reserves can cover not only the mortgage but also unexpected expenses during the remodel.The 30% housing rule is a helpful guideline to avoid overextending yourself, and ideally, you should be comfortable with your monthly housing costs even without rental income.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

There were a lot of costs that we didn't expect like the plumbing had to be completely redone.

I did not want to spend 50K on doing separate meters for where I have my rentals it would cost me this much.

So if I do a good analysis of the property (including all the costs) and the property generates monthly CF with a DSCR above 1.1, I would be removing a big risk because the numbers add up.

I am open to it- but unfortunately, I am not looking to move until another 2-3 years- my partner and I rent an apartment on IOP and we love the location and the cost is actually incredibly low which is great.

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do.