There are very few remaining original build houses in the area, and I feel like rehabbing it would just be a waste because eventually it will be sold, by me or someone else, to be torn down for new home construction.

So if they want to move in prior to the 1st, they owe me that month PLUS the days remaining in the current month.

@Kareem Lyons you have got the right attitude and it is refreshing to hear someone of your age be extremely motivated.

ROI is not the primary motivating factor.

I couldn't see using one of my 3 remaining loans on something so small.

The last several years we have had appreciation, in many markets this has been slowing down.For the people looking at larger deals - it will be about remaining conservative as you have but also making sure you test your numbers. 

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.

I thank you for motivation to throw on my "big boy business pants."  

My remaining rent controlled tenants are raised every year as per CPI (or base 1.5%, part of new ordinance) + RE tax increase as per ordinance.

Instead, we sold them on the idea of using the remaining period on their current lease as our underwriting period and with no hiccups, we would sign a new lease with them.