How do you see this coverage increasing as he scales?

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That sounds like massive renos (ie new floors, painting...).Yes as you acquire more properties, the chances of having multiple vacancies (no matter how leases are staggered) increases.

And if rents continue to increase in the area, the cash flow could be closer to $300 per month if I refi in about 2 years.

The property has a 3 car garage that could be rented to tenants to increase ROI. 

Quote from @Gloria N Gear: Quote from @Owen Rosen: Quote from @Gloria N Gear: Goosehead Insurance -- I saved about $1300 across 5 properties and increased my coverage. 

Like most markets, there is a growing trend in the area due to affordability and increasing more things to do. 

(Previous rent was $1,300 but we're about to put in a brand new kitchen from the studs, new flooring throughout the house, new furance, adding A/C, etc).So do we just pay for it all upfront and mostly drain all of our savings, or do I let the rent pay for it and utilize our other savings to get a second property this spring/summer to increase our cashflow? 

For C to B-Larger developments announced nearby-Increased activity in new construction-Building of commercial retail in or near the neighborhood. 

This decision increased our budget from $15K to $45K, but it turned out to be a wise investment.The increased budget allowed us to enhance the property's overall value significantly, and we were able to sell it for a much higher price than initially anticipated.