@Ibn Abney I also keep an eye on the Pullman area, specifically the historic part of it.

It's old and in a historic district so the replacement value is twice the appraised value. 

With good/great credit scores you stand to shave off anywhere from 0.5 to 0.75% on a non-conforming conventional (without discount points) on your rate and if you're already committed to owning as a primary residence for 5 years you'll easily recoup the closing costs in a year or 2 tops.Zillow app has a great refi calculator that shows you monthly cost savings, breakeven points, and amortization schedules so you can play with your numbers in there to help you make sense of it all or compare products.Based on what you've disclosed already and the historically low rates we're still seeing I'd say it is a great idea to consider refinancing.

Let’s break down those benefits individually:1) Tax Benefits (Depreciation and write off of real estate taxes and interest paid on mortgage loans)2) Appreciation (Not guaranteed, but has been the norm 95% of the time according to historical data)3) Positive Cash Flow (This is the difference between the monthly expenses and the total rental income)4) Equity Build up (Tenants pay rent, you then make your mortgage payment lowering the remaining balance each time)5) Equity Capture (Buying the real estate at a bargain price, capturing for yourself the seller’s forfeited equity)When you harness all of these forces compounding to your benefit on a regular basis, you begin to understand how massive wealth accumulates over time.

Having a single feed of all guests’ full names, phone numbers, and check-in/out days in an unencrypted, unauthenticated, and unlimited (historical since listing was created) format is probably not something AirBnB’s too keen to continue. 

@William Gantz You can either refinance now when rates are at historical lows or wait and risk not being able to refinance. 

I found an historic 6 bedroom house that seems like a good candidate to convert to small office rental space or a boarding house.

The taxes will likely go up every year, I would research that specific area to see how much they go up on a yearly basis historically to give you an idea of what they will go up each year.

That return is 60% per year assuming I do not raise rent or account for principal pay down and appreciation.In 5 yrs of holding: 30k cash flow10k principal pay downAbout 10k to 15k appreciationAbout 50k profitIndexes historically grow at an average of 7-8%Over long term, matter fact 5 years may not be long enough to hold an index as market volatility may experience extended cycles of depression.

The owner does pay all utilities and cable but has historical records of the monthly charges, and again it still has incredible cash flow with that factored in.What am I not considering that I should be?