In its current state:Current NOI: $79,058 (based on 80% occupancy).Current Cap Rate (at $1.25M): 6.32%, reflecting the property’s as-is performance.Value at a 7.5% Cap Rate (Market): $1.05M, based on current NOI.Given the renovations, vacancies, and risks tied to stabilizing the property, I’m considering offering $850K to reflect its current state and value-add potential.

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks. 

Buy a lot, build a rental propert, to be rented out 2026 for approximate annual income 150k.I understand I can borrow for 1 and (2 or 3), but that would put me under risk i don't want to take.  

Then add any other codes required where you want to build and study those as well.

Any risks?  

Despite the fact that the market has dropped significantly both in rent and price, I still think the market should be considered high risk/high reward.

I have found other 100% financing options as well.

If you're a wholesaler, dont risk your deposit, and don't waste our time (unless you have a sweet off market deal!)

It’s better to pause and confirm than risk relaying false information.Remember, deals are built on relationships, and relationships are built on trust.

I would read up on the risks before collecting rent with those tools.