I have a great credit score and a good amount of money saved.

Given your strong credit score, a credit union or peer-to-peer lending platform may offer better short-term financing rates.

(My credit score is sub-600; I know that makes it harder.)After rehab, I anticipate renting it for $1622/month through our county's Section 8 program.

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

-After the second eviction, I specifically asked FPM to focus on tenants with better credit scores, even if it took longer to find someone.

Depending on your property's location, setting a minimum FICO score is advisable.

It may be worth letting them know about the prequalification requirements (credit score over xxx, salary above xx,ooo/year, etc.) in advance to weed people out.

Ditto to all of the above.  85% is very doable with a strong credit score, strong dscr, but yes, the rate is going to be higher because of the higher leverage.

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.