Your returns could be increased if you are willing to rent it by the room to individual students. 

To me the most frequent issue I see in posts and discussions is not discussing how to scale and also Risk adjusted returns.  

Now your net is down to 15k (10% return) and mine is at 35k (14% return). 

After that is returned, I do a background check through Transunion or a similar service. 

Real Estate Investing can be an exciting and rewarding venture, offering the potential for significant financial returns and the opportunity to create wealth over time.

Also -without an in service rental, you have no schedule on your tax return on which to deduct those expenses. 

Someone trying to earn 4-5% return they could get from a bank cd?

Most people are refinancing a BRRR because they are in short term debt (like 12 month hard money used for purchase +rehab financing) or own the property free and clear (they bought all cash) and would get a higher return on equity by leveraging the property and reinvesting the cash out proceeds of the loan to scale the portfolio. 

If you’re looking for short-term cash flow, you might need to explore nearby markets with lower entry costs and higher cash-on-cash returns, even if they aren’t as familiar to you.

-LTR we have 60 days to return the SD.