I'm also hitting the 2% rule with $800 rent and feel I have room to raise it as I am on the lower end in the area.Since I bought my first condo with cash I was able to leverage that equity with a HELOC (5/3 Bank), they appraised my property at $58k and gave me $37,500 (65% LTV).

Greenwich changed the rules for R-6 back in June of 2017. 

We cannot use the SHST rule because we have greater than 2% spending on just repair and maintenance.Is there a list of common spending activities on rental properties and the various current tax rules they fall under available anywhere?

Since the property was re-appraised at $480K over a year ago the area has continued to improve and seen further  increases in real estate prices.

@Mark AndrewsYou are required to first allocate the purchase price to land and the building.The amount allocated to land is non-depreciableThe amount allocated to building is depreciableYou may also make improvements to the property which can possibly be added to the basis(if not expensed). 

The reason is I know which lenders:- do a good job- stay on top of the necessary tasks- know how to be creative within the rules (some people don't fit into the standard mold of a buyer, and some lenders don't know how to get them approved, and some lenders know how to get them approved)- and which lenders can actually close deals.Another reason is, when someone wants to house hack, not all lenders are experienced in it.

In florida the rules get tighter and a full review is required with anything less than 25% down. 

But beyond that, the financials are sound BP rental property calculator calculates a 32% cash on cash ROI) seem to be very good and even with the 50% rule, the property projects to cash flow more almost 4,000 a month. 

Save up, pay cash, get reliable but a good value...the best rule of thumb to live buy is put as little of your money into things that go down in value as you can...which is basically everything EXCEPT Real Estate....and maybe stocks...but basically you are only authorized to buy real estate from now on haha..I am half kidding...half.Pay off the debt, cut the expenses, save money like a crazy person and keep doing what you are doing...Live in flips are one of my favorites....even better, live in flip plus AirBNB for part of the year in a hot market airbnb market

DO read your state rules.