I'd use an approved underlayment.Pro Tip: If it's cheap, it's not good.....at least spend in the moderate range.

Good luck, and feel free to ask if you need more tips on tenant screening!

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

Any tips are welcome.

@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?

Also, how does one assess whether or not one can turn a profit after paying principal/interest, insurance, and taxes each month?

Welcome to the community and be ready for a huge amount of information at your finger tips.

After closing, when the property taxes were due I never received any bill.

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).