Put together a spreadsheet and compare the performance of the subject property if you keep renting it as is for the next 10 or 20 years versus if you rehab and refinance.

Quote from @Brandon Croucier: No need to be paying an upfront fee to a lender.As a lender it is our job to perform or we do not get paid. 

So you can find better performing investment properties.

It’s about staying compliant, keeping tenants happy, and ensuring your investment performs at its best.

Or are they performing some sort of arbitrage and they are not the end buyer.

For context, downtown Alexandria performs super well as a rental market and bringing in $5.5k+ as the monthly rental income if you choose to move out of the househack in the future will be absolutely feasible (depending on the property of course).

But always remember that RE is a risky venture, and you could go through years of less than stellar performance.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

The S&P 500 has that inflation adjusted "average" of 8% annual return, compounded WHEN drip back all dividends, and IF it performs as it has previous 30 years. 

From what I’ve heard, properties that emphasize tranquility.. like offering outdoor seating areas, fire pits, or even something as simple as a hammock.. tend to perform exceptionally well in remote settings.You’re spot on about STR policies in Johnson City versus Knoxville.