Don't forget to factor that in. 

I have worked with a few who have had a late payment or two on a student loan or something minor, but knowing they pay their bills on time is a huge factor for me.   

@Kyle DoneyDepends on several factors.  1. 

I'm really looking for something to do the first take on a property so I don't spend time digging into deals that are no good from the beginning due do the neighborhood profile or other factors. 

The biggest factor is time.  

Then you should factor your security deposits and several other unknowns in you purchase price.  

You would obviously have to factor in demo costs of existing structure, any environmental abatement etc, however that would be my first approach on establishing quick value.  

May want to factor in some costs to update the units if needed.

Lack of experience may be a factor as well so you don't bite off more than you can chew so to speak the first time around. 

But, being the newbie I am, I am questioning how to know if a bank will approve a refinance.The property does not (on the surface, no inspection yet) need any serious rehab, mostly fresh paint and carpet here and there.The property is almost fully rented and would generate positive cash flow from day one.What other factors might play a part in whether I'm approved for refinancing?