Also, @Joshua Martin, you'll want to study up on how to attract and work with private lenders, especially if you do any fix-and-flips, fix-and-holds or major rehabs.There's also a way to use private money to acquire and repair, then refinance more traditionally to pay off your lenders (and even extract part of the profit!)

Holding costs, further rate increases may result in price declines, the need to extract investment all point to get out soon even if you are disappointed in your return (I suspect your return will only get worse with time).BTW the interior looks nice (narrow, but nice).I have passed on quite a few BRRRR properties (We do BRRRRs and not flips) because I believed the area would not provide me the opportunities that I was looking for.Good luck

Also since leases are longer term it's take longer time to add/extract value from the property.

I still have off market sellers I work with I do not like to formally list properties with rounds of bidding and extract out every single basis point for a seller etc. 

If your goal is to acquire more cash-flow producing rentals with your precious equity/capital, then you can extract $105k with a 75% LTV new mortgage (or keep the mortgage you have and look into a HELOC.)Use that as a 25% down payment on another ~$400k rental.

Needless to say, we were in the mountains and had to have a helicopter extract the two people she landed on. 

Sometimes the contractors are trying to extract as much money out of you as possible.

I will list various reasons later in the post.Value add properties historically produce the best returns and can produce infinite return if you are successfully able to extract all your investment at refinancing. 

My purpose is to reduce the fear associated with an out-of-control legal system set up on extracting assets through Legal Extortion Rackets by protecting your wealth from such attacks, while leaving you with both control and beneficial use of your assets.

It is similar to the work of a BRRRR, but due to no likely extraction of investment the returns are far worse.The price of ADUs varies depending on numerous criteria, but the Texas estimate is way low for So Cal.