There are many other angles also you can take to both increase profit, reduce risk, etc.

Here is the pro forma financials for the property……………they assume 150% occupancy and a 150% rent increase 9.

However if you are looking for options without points then you would either want to consider taking a higher rate or increasing the term of the prepayment penalty. 

I would discuss financials on this if you choose to come see the pre-rehab on Dec 1 (I have made a lot of money (close to 7 digits after this rehab is done in ~2 months) but due to not executing a cash out refi (due to the rate increases) my return is below my underwriting).

I use the Bureau of Statistics to find figures for job growth and population increase.

Quote from @Jamie Bateman: @Chris Seveney well, I don't want to increase the demand for the next trade, but with the HECM NPLs you get interior photos prior to bidding.

If so, do I need to wait a full year to apply the CapEx rent increase?

The difference is just UW fees, better than paying a 20% increase at payoff to remove properties. 

These areas offer a mix of renovated bungalows, new construction, and industrial conversions, with increased demand from young professionals.

Put the profit towards a new Primary residence and ~$50k towards a rental property.2) Rent it out and eat the cash flow loss, hoping rents increase.