I would wait 6 months.

now it's rented out, and you're breaking even each month in rent. 

Outcome currently is a rented basement for $1,350 a month + $130 in utilities while I live in the upstairs unit.

I believe I spoke with you a month or so prior to when you posted this. 

Note: Florida charges a hefty tax on rentals under 6 months. 

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

Hi Danielle, As a property manager, if you were my client, I would recommend that you incorporate a monthly flat rate utility fee into that tenants lease.

Ultimately, it boils down to how certain you are the reno costs won't exceed $65k and that it won't take any longer than 3 months.

I would love to get your views four months later.

New agents may struggle with periods of no income while waiting for deals to close.Solution: Budget wisely, build a financial cushion, and prepare for slow months.