If that's the case, you should be able to rate/term refinance at ~75% LTV with a DSCR loan, and with some interest-only basis, your payment will go to ~$850 (based on ROUGH pricing TODAY).

@Stephanie Menard, a few comments based on my own experience.1.

I suspect there could be some truth behind Melanies claims based on that thread..

Oregon saw it that way as well.. many folks got cease and desist using guru on line training techniques this just formalizes the activity and levels the playing field and gives both buyers and sellers a mechanism to get out of deals and or have a regulator step in..

If the work needs updates, that’s where it can add up, but $30K sounds like a reasonable cushion based on what you’re describing.It sounds like a solid deal, especially if the cash flow is good.

We are based in NYC but are considering (as of now) locations outside of NY but within a 300 mile radius. 

A and B neighborhoods typically don’t produce much cash flow and are more of an appreciation play—something the city has been seeing quite a bit of over the past decade.

Can you deny someone's application based on this despite it being a medical marijuana card & not technically breaking the rules of smoking indoors?

If the answer to the last question is yes, I think it'll be a hard choice.I see a reasonable appreciation rate for underwriting at about 6% based on neighborhood scout, so nominally I think you'll make 10-11% if you had paid cash which means I think you'll do quite well holding on (20% returns or so). 

Based on your first fix/flip, it sounds as if you don't have any issues doing moderate rehab.