I've been looking into Philadelphia, PA, Winston Salem, NC and Upstate NY - I've spent some time in each of those places, know a few folks and most importantly, the math works out much more in my favor than it does in NYC. 

Do the math.

Also, do your homework.

Depreciation can be "added back" and has zero impact on DTI.When the mortgage math is done right, and the CPA does their stuff right, it's relatively rare for there to be a true DTI issue, unless the investor just quit their job or something like that.

My math shows you around $350/month cash flow, which isn't bad for a duplex.

My suggestions as you continue to seek lenders to refinance, it is best to continue to do your homework collecting information, getting to know your local banks, lenders etc and networking with them to build and nurture relationships to get a better idea and more prepared for refinance when it come after renting out your next purchase right property.

Let's do some quick math to find out why:If you buy 12 units for $1,200,000 and put 20% down, you're into the property for $240,000 plus closing costs and reserves.

They are extremely misleading, and considering our nation's very poor IQ in math, it can be very dangerous too.

Given that the rental property has probably been held for a year or more, the OP is looking at long term capital gains, not short term;  a one-off fifteen percent hit.So do the math, but we'll all agree it comes down to what you can sleep with at night.What I stress, however, is that the return on investment for debt pay down is NOT zero.

That will let your family know that you have done your homework.2.