Since I am a new investor in that area, it helps boost my confidence as well

This is also a great way to boost your cashflow because you can charge more per night for the shorter stays.

The lender said they will approve based on worst case scenario in the event IR rise dramatically to curb the risk for the buyer later on when the rate adjusts. 

The house was newer ('87) and needed dramatic but simple repairs (100sq ft of subfloor, 1200sq ft of flooring materials, 80 linear feet of drywall, plus paint & light fixtures).

The $704 from thin air could really boost their spirits.

My strategy is coin op (much less investment, good profitable tunnels are hard to find for under $350k) with at least one touchless automated bay The touchless bay boosts sales considerably in the winter and offer an option for those customers who don't want to get out of the car.

Now, skipping the financing for a minute, and making sure there are no restrictive covenants preventing it.....I would turn it into shared housing which boosts the returns, keeps the property rented maximizing income and minimizing risk.

ego boost..

Anyone reading this should be aware that the laws can change and dramatically alter your plan. 

That doesn't take into consideration that real estate can be leveraged boosting that 8% to 20%+ COC return.