Think a list of qualifications that applies a weight to each trait:Credit Score - XPets - XIncome - XPrevious recommendations - XLength of proposed lease - XDeposits - XTransunion gives you a go- no go decision but the above may help you grade the quality of each potential tenant while being objective.   

Even with competitive lending terms and rates this process will understandably create a significant reduction in cash flow and increase the loan to value percentage for the current portfolio of properties.

-If a 1BR rents for $1200 at this place, I will have no problem renting my 1BR down the street for $900 and catching those who will sacrifice a bit of glamour for a huge rent reduction.

Hey @Steve DellaPelle - I'm not speaking from personal experience here just my opinion, but I'd say that this depends on how heavily weighted each benefit is to you.

Paying additional principal each month is a legit interest reduction strategy, just like biweekly payments or lump sum payments.

Myself with 6 inch thick tax returns and no NON commercial underwriter can really under stand them LOL  its frustrating no doubt. but it was necessary to protect the industry.as @Chris Mason  a great private RMLO is worth their weight .. we use one in Oregon for our deals here I would never go anywhere else.. been 16 years with same person..

And they really wanted to dive into my connection to the area.Now do I know how much weight a loan committee put on each of those contributing factors?

I'm a newbie in MF so I know of this confusion firsthand.I have pointed this out a few times but your weighing in on it sure carries a whole heck of a lot more weight!

@Kyle M.Current - Annual cash flow ( considering principle reduction) 10,800 / Equity $150,000 = 0.072Refi - Annual Cash Flow $4800  (considering principle reduction)/ cash invested $66,000 (30% down for 70% LTV)  = 0.0727 Am I missing something or doing it wrong?

Your price reduction is necessary and should be immediate.