This facility has 144 Units and a 3400sqft shop house on the property.

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

If you don't trust your agent enough to tell you not to buy a house, then get a new agent!

Cash out refi only if the rental income significantly exceeds the monthly payment and you want liquidity to invest elsewhere.2.You can maybe do a HELOC if you want a smaller loan that doesn’t involve refinancing the entire house.3.

Adhere to the Fair Housing Act and ensure that all applicants are treated equally.

As of today, the house rents for $3,400 per month and my PITI is $2,500 per month.

The rental market is expected to stay flat or soft through 2025, then is estimated to start appreciating again once the new supply of multifamily housing reaches traditional occupancy levels.

Consider financing options like hard money loans, or FHA loans for house hacking, and focus on areas with strong rental demand near the MA/NH border.

So the question is whether your house is a good rental investment long term.

These areas are experiencing significant development and population growth, driven by families and professionals seeking more affordable housing while staying close to the job hubs in Plano, Frisco, and even parts of North Dallas.