My BIGGEST concern is that your here asking this question, that indicates to me that your NOT experienced in this segment and that's a dangerous thing.

Biggest thing about DSCR to remember is know your "rents" up front because 99% of banks/lenders use the "lesser of the Two" rule.

However your situations biggest risk is the lack of appreciation. 

Low HOA fees ($1000/year) and close to the mountains and casino.

Hi Ashley,Likely the biggest bottleneck would be the rehab - making sure you have a good contractor that can perform affordably on time with quality.

With developments like the new casino in Ras Al Khaimah and expected population growth, the appeal is growing.

@Joshua SunThe appraisal is often the biggest wild card in the BRRRR process for SFR.

One of the biggest cons is that 55+ communities often have very high HOA’s that cover a variety of services which makes them usually less profitable than comparable properties that are not 55+.

On the conventional side, one of the biggest lenders, I belive they'll give you a few days free, but if you need to extend over 5 days then it is 2.5 bps a day, and if you need a 2nd extension then they double it to 5 bps a day. 1.5 bps is VERY reasonable.

Biggest thing I learned from my first house hack was to not be afraid of repairs.