I probably put about $30k in it and a LOT of my personal sweat equity (I remodel houses for a living).

Rents (below market): $4,300Mortgage: $2,600Reserves from rents set aside: $600 a monthWater/sewer/garbage and shared laundry room electricity: $500 a month.Cash flow $600 a month + $500 a month principal pay down.House has popcorn ceilings and the kitchens could use a remodel.

. #3) Do a remodel and then sell it.

I have used my PM's staff at Property services of Ocean View for several remodels on rental properties. 

It's got some deferred maintenance so our contractor is slated to start work this coming week, new roof, bath remodel, windows etc.Now I'm wondering if we should be adding a third bedroom instead of just cleaning it up.

You can come across several value add deals that you can buy with the cash up front, perform a necessary remodel (I say necessary meaning you do not have to go above and beyond to get a full 75%-80% bank loan), occupy with a tenant and cash out refinance.

The rehab work is not really anything unique.Source: Remodeled a mobile home 2 years ago.

It’s easy to find a 9% or better cap rate here and with some effort and patience / willingness to do a little remodeling you can find 10-11 % cap rates.

Have a kitchen remodel I'm planning on my personal residence as well as having an egress window cut out for a bedroom addition.

UNLESS I remodel the kitchens and baths and charge higher rents.