My plan is to take the detached garage and turn it to a casita to also rent out while still living in the main property to offset the increase in mortgage from the refinance.

That number is actually pretty low for a county with 2mil people, but it has increased over the last year.

Although this trend may be temporary, substantial pricing discounts could attract more corporate investment into the sector.A notable example is CoStar's acquisition of Central Place Tower in Arlington, Virginia.

Building positive relationships with tenants can increase their retention and reduce turnover, promoting consistent rental income.Consider FHA loans with lower down payment requirements if you're starting with limited capital.

So having a proper cap rate will be important to determining how we can increase value. 

Other ideas to increase gross rents: Can you change up your strategy and do a short term or mid term rental? 

AlabamaEffective Property Tax Rate (2019): 0.37%4Typical Home Value (2022): $189,9766Annual Taxes on Home Priced at State Typical Value: $702.9The current metro area population of Montgomery in 2023 is 374,000, a 1.91% increase from 2022.

We recevied a proposal from a billboard company to build a full sized billboard. the research has been conducted and a written lease has been written and presented to us for 1k/mo, 20 years + 20 yr option, with 10% rate increases every 5 yrs.

That will increase your cash flow even more.

But I personally value buying property in an area that appreciates more and has the potential for better tenants and rental increases, so I will easily give up the idea of the 1% rule, as I think future growth is much more important to me.