Sam, I am not sure what your long term goals of this property are but I think painting the cabinets could add a nice touch for little cost.

However, the rental market in Canton has been relatively strong, and I believe there is potential for decent rental income probably $3500, even if it doesn't meet the 1% rule perfectly.Cash Position: My cash position is fairly stable, but I prefer to hold onto this property long-term rather than pursuing another house hack immediately.

LTV caps will range from 70-85%, although terms will probably be horrible at 85%. 

Please pardon my "verbose - ness" lol warmest regards shannon  Price it as a room rental or consider short term rental as guests don't need a full kitchen for that. 

One of our staff would calculate interest principal hand write it in the book and mail it back.. that went on for 5 to 7 years which were the terms of our notes.

In terms of lease agreements you can tell the tenet to leave and at what point? 

But I also think the real gains in real estate are not in cash flow but in long-term appreciation.

With my line of work not being around all the time I was curious of this since I would be able to manage lease agreements, advertising if needed, long term projects, rent collecting, and reporting. 

An FHA mortgage will not have a pre payment penalty.

Borrowing this kind of money to fund aggressive spend on growth in a high gross margin industry is once thing; covering Op-ex shortfalls is indicative of near term distress.