We went in with what we hoped would be the winning offer because this is the one that checked the most boxes of everything we'd seen in months and we really like it.Am I even under contract for this property with everything in the address being wrong? 

If they move soon, one month vacancy would eat away any savings of a hard "no" and it's wintertime (here) where vacancy is harder to fill...I'd at least discuss with the tenant and have someone do a bid to find out what it even costs for this home.

The tenant is almost an adversary before they even meet.

EVEN THOUGH EVERYTHING WENT WRONG THIS YEAR IM STILL OPTIMISTIC MY CONFIDENCE ISNT WAVERED AND IM MORE DETERMINED TO REACH MY REAL ESTATE GOALS I SAY THIS TO SAY NEVER GIVE UP !!!

Even on here, I hear some of the most azz backwards advice with many alluding to things as being imposable where I know several people who do it.

Lenders won't value it off the income approach unless it is a 5+ unit and even then, the LTR market rents are more often used to determine value.

Keep in mind rent control is 1 thing, its a laws for existing tenants but some city's like Newark are so strict that you must get approval for what rent can be even after a tenant moves out and new ones move in. 

You are spouting numbers that are not entirely or even partially accurate.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

@Tom HallAt 7% if you can I would pay it down as investing it net after tax gains may not get you the 7% you are paying - so it’s less riskDownside is you lose liquidity of that money as it’s tied in your propertyIf rates come down in future you can refinance and even take some of the cash out.Regarding your question are rates coming down, a lot of factors come into play but right now it does not appear there will be significant changes to rates over next 3-6 months.