The problem with CAPEX on investment properties is that it's often not appropriately baked into a model.  

Fresh paint, new LVT in the kitchen, basic clean up.

Each with a fresh and new service invoice and rate.Most of my service calls are handled over the phone with a couple probing questions. 

Rents were $500 a side going off of MLS numbers ( I think they will get more after freshly rehabbed ).

That's exactly why I wanted to make this post; to keep my mind open with fresh perspectives.

I'm just following the math and it makes sense to me: less money in lender pocket = more money in mine.Yes @Andrew Postell you can craft all manner of creative arrangements to bake equity into a property but I'm talking a straight a BRRRR situation as the book spells out.

If you have an agent that doesn't get you a fresh letter for every single offer, they are throwing your money away. 

It's based off of refinery work, so there are a lot of very very highly paid blue collar workers in the area, easily into the 6 figures fresh out of high school.So you have The Chelseas, which is easily the worst part of town with lots of small MFHs, but then across town(and it's a small town, ~50-60k people) you have some homes going for 500k to a million.

And lastly rekey with fresh keys once tenant moves in to insure no extra key is wondering out there.

If this were me in this situation, Once you have the replacement tenant, I would add an addendum to the current lease terminating it, then start fresh with the new tenant.