Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

I know we can start with DSCR and refinance, but then you're paying closing/origination costs twice.

Current asking rent is $2675 per month. 

I don't believe that is the case, especially if you have a quality unit, priced competitively, and clear advertising.

They're less than I pay.

The fastest legal way is likely to pay them to leave (only pay after they are out and if they left it in good condition). 

I typed up a message in a thread and clicked post.

I've seen estimates of $200 to $400 per square foot for SoCal with $700 sq ft for something higher end and building up a hill and but possibly higher for San Francisco Bay Area (lhigher labor costs, etc.).  

I only wanted to clarify that almost everyone who mentions their equity means “cash after paying off their loan”, not their gain.

Profit per door is relevant.