I have to assume the OP paid cash for the lot so sounds like they are out closing costs and appraisal fee's from bank/lender.PS: Center street is a hard money lender/ Private lender PROPERLY  licensed they are NOT a bank.. so they have a lot more latitude as to how they handle their files.

Sellers will share gross rents but actual op expenses stay under the radar.

. - I didn't say you couldn't use commercial lending for SFR's... but someone before me said that the OP had to use commercial because it was an investment property.

How does the OP know if this agent is any good or not?

GSI:  Gross Scheduled Income (annualized)sum of all rents for one month x 12 = GSINOI: net op income (basically the profit)sum of all the monthly expenses x 12 = total expenseGSI - total Expenses = NOIDSCR:  Debt Service Coverage Ratio, or how well the NOI supports the mortgageDSCR = NOI / annual mortgage payments

Telling the OP "Well you shouldn't have moved into the house in the first place" isn't very helpful.

That is not to say that the scenario presented by the OP would necessarily be a wise investment for him or not, it is just to say that it is not wise to judge based solely on if it hits the 1% rule or not, the answer and analysis runs much deeper than that. 

To the OP - do some homework, find a mentor, ask a lot of questions. 

Revenues received on coin-op laundry should be SEPERATE, the coin-op laundry need be viewed as a SEPERATE business, and should be structured as such, with the rental property leasing these to create a fixed cost to better comprehend the property performance itself. 2 Debt Service: This is exactly as it sounds, your cost of $ in principle and interest.

@David Weintraub   not really.the original poster did not define his SOP for wholesaling.and if your sop for wholesaling is toone send out a letter saying your a cash buyer when you are not.to have contingencies for your inspections when in fact its for buyers to walk through the propertyyou put up miniscual EM and LONG escrow periods.you back it if you can't assign.you put your new contracts on craigs list and advertise them just like you own them picture of property descriptions etc etc.you e mail blast out to thousands of folks doing the same thing.then yes I believe in ALL 50 states that is selling RE without a license and is not legal.But then again I am in the vast minority on this one..and maybe the OP definition of wholesaling is different.IE he is going to actually close on the deal do some value add then wholesale it to someone else.. that's fine..Etc etc.my response above was simply a response to the one line Yes its legal response was really just trying to be cute that's all.