to save costs, and responses sometimes took weeks.

I paid about $1500 in closing costs between title, appraisal, etc, but the original loan was wiped out in favor of a new lower rate. 

$1,500-$1,600 is about the going rate for a 2/2 in most average areas of BR, but I can see where some neighborhoods would get more.Another thing to think about - if the property is sitting vacant right now and you have ready and willing (and qualified) tenants, then the opportunity cost of waiting an extra month or two is $1,550/month.

The catch was that it would cost me $7k.

House hacking is a great way to build wealth while keeping your living costs low.

I get it...I get emotional with properties and buy into the sunk cost fallacy too.

@Cameron Porter ultimately the most important part is the ARV, inclusive of the expected rehab costs.

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do. 

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

It’s smart that you’re looking into multifamily options, it can really help offset your living expenses while building long-term wealth.When analyzing deals, some key things to focus on are rental comps, vacancy rates, and property management costs.