If you refinance the rental property, does the rent cover the expenses? 

So just curious if my number formula is correct $15k down plus $15k Reno = $30k rental income/year  $14500 vacancy rate 2% operating expensive 35% ( to cover condo fees maintenance insurance ect) $5500 a year mortgage so roughly a 12.25% cash on cash return ? 

At that time the lender gave you a fixed loan for a certain period of time with so much down and a certain amortization schedule.The debt service coverage ratio example.At DSCR of 1.25 means for every dollar of mortgage payment the NOI can cover 125%Your current lender back in the day might have done say for example a 1.10 DSCR ratio because absolute NNN and investment grade so perceived risk to them was low.

And the size of the duplex and bed/baths depends on the size of lot, location, and what we best feel would rent best and all the other factors. 

Sounds like such a cover up.

There is no bathtub, and it is only a one-bed one-bath 680sqft unit so I'm not sure if I'm overthinking this.

I am looking at a 4 bed/3 bath property on the edge of Littleton/Denver.

(Be sure to factor in vacancy, PM fees, maintenance, etc in addition to PITI)•Do you have additional reserves to cover unexpected expenses like long than expected vacancies, high turnover costs, or major repairs (e.g., HVAC or roof replacements)?

My wife and I would remain renting in our current apartment and we could easily afford to cover the mortgage indefinitely if/when it would be vacant. 

One that I don't think has really been covered is that most people are going to buy and/or sell a house, at most, perhaps 3 or 4 times in their lives.