If you have a 3-2-1 prepay, you'd lose $3,240 paying off your current DSCR (this would apply to a refinance OR a sale).

@Dave AllenRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I consulted with a real estate lawyer a few times this year who said it's very hard to sue for negligence and they advised against taking legal action, especially since the property manager at least followed through on the eviction and repairs.I've now asked the property management company to apply a $4k credit for all the challenges I've had working with them.

By the way, that’s a very good passage and people definitely need to take it more seriously by applying themselves. :) I will share another. 

.- Does the condo have an existing STVR permit or will you need to apply for it?

In Jersey City rent control only applies to older building that are 5 units or more not new construction.

I suspect the person who originally turned it into a fiveplex only applied for permits to make a fourplex and then did the 5th unit fly by night (perhaps at a later date) in order so the property would still be considered residential and allow for better financing possibilities.

Confirm that the warranty applies to the type of property you own and consider whether the annual cost and service call fees make sense compared to just handling repairs yourself or using your own trusted contractors.

That was an applied master class. 

I would get the new tenant to apply and process it per your criteria.