Because we’re currently living in it, doing full remodeling is a challenge,  so we haven’t even touched the bathroom or kitchen-and I hate them both…It was a ‘rent house’ and the previous owners didn’t do a lot in the way of improvements-somewhere along its lifetime an unskilled handyman did some rather creative and yet hideous work destroying the charm of a 1940 cottage! 

1) We have several lots that encompass our residential home and are considering putting up 2 park models or modulars for a STR strategy on one lot and some RV lots on the other, although both would require complete development (septic, well, egress etc.) and would take time to start cash flowing.

The wood is a lot of upkeep but worth the charm and guest appreciation and demand.

One more.... electrical was knob and tube so I had the house wired to current code as a buying condition under the premise of a potential fire hazard.My reason for purchasing the house was two-fold: my lack of funds at the time (0% down with VA) and my partiality toward the charm of the home style. 

Charming 3 bedroom ranch In process of renovations What made you interested in investing in this type of deal?

But we've owned mostly older homes -- we live in an 1890s home right now in the Old North End because we like the charm -- and I can tell you that our maintenance and capX costs are significantly higher than our new build buyer clients.

When you refinance after 3 months, we would be able to use the current market value which would encompass market appreciation.

What a neat story about saving a historic home, it looks charming!

Cleaned, painted, knocked down a wall, sanded floors and gave it a cool, funky vibe to go with it's 1940's charm.

These are the questions you need to answer otherwise I'd SELL this "charming updated ranch style starter home $300K"... and park that money in something stable and boring.