Yes, although there seemed to be increased competition the last time we were looking to purchase in Indy from the year prior when we bought our first rental there.

Prior to 2018 it may have been advantageous to sell the lot to a controlled C Corp as C Corps were bracketed and any net taxable less than $50k was taxed at 15% for federal.  

Thankfully, we found this out prior to closing and required the seller to eliminate it.

@Shane H.I would atleast run comp sales In the neIghborhood Id look up the tax assessment and run some analysis on its condition compared to others in the area .

You cannot properly compare the numbers until you have ironed out the details on cleaning and have a good sense of projected price, seasonality, and vacancy.

I would determine how much more you will pay per month with the refinance compared to how much extra cash flow you will make per month by using the refinance proceeds to acquire another property.

Really the best way to find out comparable rates is to take a look at the Marketplace here or call around to different lenders. 

I just have nothing to compare it to yet for a reference that holds water legally in FL.   

ROI on paying a mortgage down, after you spend 5 hours in spreadsheets to "prove" this to yourself, will be exactly equal to the interest rate (assuming no PMI).How does your interest rate compare to the returns you could get putting the money to work for you elsewhere?

To qualify for the 550 you will need the following; Purchase price has to be at least 50k total loan amount has to be at least 100k.Rehab cost can't exceed the purchase price Credit score at least 550, tax returns not required, all other docs are required.The 600 program Purchase price at least 20k rehab cost at least 10k Credit at least 600 with 3 tradelines and all required docs tax returns are not required All programs require at least 15k liquid asset to be shown in bank account prior to applying.