There are now other houses currently available for rent in the area with the same number of beds and a similar sq footage.

Those other things: beds/baths, sq ft, age, etc. all matter much more.  

House is 4 beds 3.5 bath, 2,800 sqft on 1.38 acres.

A simple way to look at student housing is "By the Bed".

I'm burdened with student loan debt too and I have ownership in a 36 unit/144 bed student housing deal...

Originally posted by @Tan Mehedi:Lindsey , my number one rule for REI " cash flow is king" .

The appraiser is only in your house for about 15 minutes to take a few photos and verify the property information (beds/baths/style, etc).

Refinance as an owner occupantMy other options are to buy a small condo (probably only a one bed) or just wait until I have more capital acquired to get a conventional bank loan...I am so so ready to jump in & will consider any creative financing ideas...I know once I have a property it will be an income generator for me!

So needless to say, both (unit 1: 4 beds 1 bath 2000 sqft, unit 2: 2 beds 1 bath 1000 sqft) need to be gutted for a price much higher than I have the capital to fund.

I have a property that is rented out for $3,300/month and for sale at 475K. 2006 build on 2 acres3,470 sq. ft. 4 bed 3 bath Let me know if you have any questions or want to check it out.