I'm not a typical Realtor perse looking for clients so I don't need the trust factor that may go with the REALTOR symbol in my marketing or anything.

I still think this is just like factoring accounts receivable .

@Theresa Amouzou A lot of factors go into finding good deals.

When considering refinancing, also factor in the closing costs of the new mortgage to determine if it actually helps you.

Insurance is just an expense to factor into your underwriting just like property taxes.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

The house will need a new fence soon, so I'll have to factor that into the scenario.I'm not sure which choice is the best option for me.

Nonetheless, I am not out to impugn anyone's intentions and I do understand (as Jay rightfully points out) that the self-employed (my situation for the past 20 years) especially run into times in their lives when conventional lending sources are of no use due to limited reportable income and other factors (such as when, for example, you retire in your 50's and begin to live off of your lines of credit, etc.). 

If your cheaper but I have to worry about utilities that I have to also possibly set up that could be as high as $1000 a month, that definitely factors into my decision.Thanks for your thoughts, Brian.

Use a 20% vacancy/tenant nonperformance factor in your analysis.