I went to high school and college there. 

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

@Chris Pratt Since single-family houses with ADUs are not considered commercial properties, they are not priced based on income or cap rate.

Be sure that you are honest from the jump, your estimated rate are only as good as the info you give them.

Is it the last rental rate you charged, or is it the going rate in the area + 10%? 

Tenants are stable long term residents, and property is located in a desirable school district.

They are nearing retirement and have children in school.

Of course the rate is higher with 15% down, but it helps investors get that property secured with less out of pocket.Happy to help if there's anything you need.

It would be our second up down house hack, however, with interest rates in the high 6's, it would probably not cash flow after moving out.

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