I was dead set on the 15 because of the lower rate & total interest savings.

Total waste of time

I paid 12 months of insurance as a prepaid item during closing.Loses - After entering everything, I showed a total net loss of $3463, and a deductible loss of $450. 

Rob,I totally agree with what you said, lol.

Here are the #s from the BP property estimator.Purchase Closing Costs$3,500.00Estimated Repairs$0.00Total Project Cost$248,500.00After Repair Value$245,000.00Down Payment$8,575.00Loan Amount$236,425.00Loan Points$4,728.50Amortized Over30 yearsLoan Interest Rate4.375%Monthly P&I$1,180.44Total Cash Needed$16,803.50 $2,900.00 MONTHLY INCOME$2,468.77 MONTHLY EXPENSES$431.23 MONTHLY CASHFLOW7.89% PRO FORMA CAP$19,340.00 NOI$16,803.50 TOTAL CASH NEEDED30.80% CASH ON CASH ROI7.89% PURCHASE CAP RATEI assumed I'll do an FHA loan at 3.5% (or maybe 5%) and would pay closing costs out of pocket.

If you make this election, include the interest in the total on Form 1040, line 62.

Request the tenants leave, flip to 3 bedroom, and rent to new tenants at $986If I convert from  2 BR to a 3 BR, I've calculated a payback period of 2.3 years... here's the high-level of how I came to that number:Annual Opportunity Cost:3 BR vs 2 BR Rent = $2,790My Time (expect less needy tenants) = $1,183TOTAL OPPT COST= $3,973 <-- This is a favorable numberCost to get unit ready as 3 BRTotal to flip = $7,551 (includes paint, new floors, converting basement to bedroom, etc)  2 Months lost rent = $1,510 TOTAL UPFRONT COSTS $9,061 <-- This is an unfavorable numberPayback Period =  $9,061 / $3,973 = 2.3 years (Note if I'm conservative in my nubers, this becomes 3 years)Couple more things to note, they're set up on re-occurring payments and have not missed a payment.

I agree with that philosophy totally and have had great relationships with my tenants.

For this year, the completion of 11 office buildings projects in the total area of over 200,000 square meters is planned in Bucharest.

Generally your target monthly rent should be a minimum 1% of the total value of the property.