I recently purchased a rental property and discovered it needs more extensive repairs than I originally anticipated.

My original goal was to fix and rent.

I've had investors that come to me originally looking for multis in Baltimore end up switching to SFRs because there's a bit more to choose from, and a decent SFR is better than waiting a year for the right multi.

LTV- 75%DSCR 6.75% this rate will bring my mortgage from 2285 to 2116Pre-Payment Penalty 5-4-3-2-1%Loan origination 1.5%Buydown option 1.5% to make it 6.375% this rate will bring my mortgage from 2285 to 2035Appraisal 725$Underwriting- 1295$Thank you guys! 

Hi Jake,I love the Louisville area & originally from there myself.

The house sold as a three bedroom at I believe was $18,000 dollars more than it was originally listed for.

I never did hear back from the owner who I reached out to originally to get his plans with the property and what rent rolls could be and current/future expenses on the property, etc.

A local bank approved me a 200k home equity loan at 7.5% at $1,447/mo and currently talking to mortgage originator about refi options.

One had been rented by the same couple for 7 years, one needed to be cleaned and some repairs, and the other had been in the middle of a remodel when the original owner died and his 4 daughters who couldn't agree on what day of the week it was decided to sell.Based on the square footage (2024) alone, I got a great deal. 85,500 with 10% down and 10% interest.

As of July's Broward county YoY report: Closed sales up 7.5%Median sale price up 4.2% Original list price received down only 1.5% to 96.3%Inventory and median days to contract up 50% Inventory and months supply up 56%As far as a 20% price drop we are still going in the opposite direction down here.