Ithaca usually seems to have good intentions but this one is just short-sighted.

If rents are truly below market then it usually comes down to: Long term tenants which most owners are ok renewing for lower ratesNot wanting to fix the place up to bring units to market, either interior renovations or exterior renovations.

That could potentially take away all the extra from increasing $150 for several years.

This usually works where there is a lot of garages.If you have the means to solve the financing challenges a tic/coop can be another sophisticated value add.Note this is just some value adds.  

That amount is extremely low compared to my other investments which usually make more than a 100% IRR over a 3 year period of time.  

Once that extra rental started generating income, he realized the higher interest rate was just a temporary hiccup on the way to bigger returns.In your case, maybe look at a structure that keeps your best cash-flow property on a lighter refi (say 50% or 60% LTV) while you go a bit heavier on the one that’s not producing as much right now.

It seems like you’d get at least an extra $100/mo and it would pay for itself.

If this is your primary residence and you have an extra bedroom (or can make an extra bedroom), AirBnb can be very lucrative. 

The home would be about 6 weeks for my team customarily but the outside is large so 2 extra weeks to be safe.

I would have an extra light on a stand to brighten the spaces.2) Your first photo is of an empty room to a doorway.