For any amount of money!

Albeit your self employeed which I get it there is a certain amount of freedom to that..

The deals I underwrite have been cash flowing right up until I put debt service on them, even with taking a break even amount in a refi. 

There's a decent amount of posts in this subforum about investing in specific upstate NY markets that I would certainly checkout/dig for.

The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

Also, most of the new built are in the suburbs where there are vast amounts of land and probably they will keep developing around for many years to come.

Personal background: Married with no kids, 100% debt free, live a rather tame lifestyle and don't spend large amounts of money, two newer vehicles (2020 & 2024) so no vehicle purchases expected for the next 10 years. 

As I see it in the current market, STR is now a way to get a really good, appreciating asset to pay for itself, not a way to produce a meaningful amount of cash flow after all expenses. 

The only time the appraisal will affect the rate is if the value came in lower and the LTV needed to increase to get the same loan amount requested, the rents on the 1007 came in lower, so DSCR was affected, or the appraiser indicated the location was rural which would result in a LTV reduction or interest rate increase.

.🤔 The title company wired the whole amount to us without deducting for the first lien or even catching that there was a first lien.