A good rule of thumb -- if the neighborhood has "Heights" in it- then it will usually have a POS.

It is a considerably good price considering the area, I'm just not sure on whether the rental income is worth paying for.Apart from about $10,000 it is fully rennovated and ready to be rented out within 2-3 months.Thanks for any advice!

You've given me some solid pointers/items to take into consideration for future deal analysis, so thank you for that.

As for by-the-room rentals, many lenders won't allow that and if they do, they qualify you off of the long term market rents (which, as I'm sure you can imagine, would be considerably lower than the actual per-room rents).

I already have land holdings near Everett that will certify out at 304 salable density bonus credits.To play this game, I get certified and then "clip off" the transferable development rights for sale to urban developers in the county, who can cash them in for an increase in dwelling unit density from an original 22 units/acre to 58 units, and building heights from 45' to 75'.

There are some legal considerations as well as practical considerations 1.  

.- Detached ADUs: Maximum height is 25 feet or two stories, but cannot exceed the height of the primary structure.3.

I'm a GC as well and did the math, the Heloc would save considerable interest because it would average on 33% of the balance borrowed at any one time (and thats assuming constant deal flow).  

Does the bank take into consideration the income from the other units?

Either way...... gotta love The Heights......people will pay that amount to rent .,,,,,, instead of building wealth