With my 40% down payment mortgage with property taxes and insurance comes out to $3600 a month.Current rents are 50% of market value, I'm looking to renovate and bump up to 1800 a unit which is still at least $400 below market value for a 2 bed 1 bath in Morris county.I strongly believe after replacing the roof, repainting the house, minor landscaping, minor kitchen and bathroom updates I could increase the value of the house to at least 580k.

So I  have a income of around 15k from the business.

An STR is an income producing investment.I've never gone wrong with 3 things: 1) quality, 2) quality and 3) quality......Get an above average tub with great ratings/reviews and use a service to keep it going.

I would not offer furnished rentals in lower income areas. 

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

Financing your second property can be tricky since lenders may only count 75% of rental income toward your debt-to-income ratio, so get pre-approved early.

My goal is to leverage that equity for additional income.

Secondly, the only thing that really matters is how much winds up in your pocket AFTER the property is sold, fees are paid, mortgages are paid off and taxes are paid. 

Loopnet has some comp information, but requires a paid (and not cheap) account to see it.Commercial properties are generally valued based on income, not comps per se. 

I've got a confirmed tenant for 2 years with projected Gross income of 24,000 per year.