Its a strong rental area and I have no trouble finding good tenants...most stay at least 3 yrs. 

Some people supplement their income very well by doing live in flips and live there for 2 yrs then sell. 

No other significant upgrades were done to the home during the 4+ years of rental.We had our agent come by this past weekend and they estimated a sale price of $100k as-is, or $125-$130k if we redid the kitchen (20-25 yrs old, pretty dated) and the bathroom. 

Per calculations, I would have to pay 11.3% interest over 5 yrs, thus making my monthly payments $1750 (each lender at $350/m over 5 yrs).

Irrespective of this, their rate was prime less .76%; this is a HELOC at variable 3.49% for 10 yrs. 

I no that lots of banks want u to have 2 yrs of tax returns and we wont quite be at the two years yet.

The benchmark I usually go with is either 20% downpayment over 30 yrs or 40% downpayment over 15 yrs.

$30,000 divided by $975/mo gives 30 months (2.5 yrs).

Not trying to start a old car competition, but 2 yrs ago we got a 87 Nissan for $400, had to put $500 into it, runs amazing and is our primary work truck, if you're trying to do renovations.. that'd be your ideal vehicle IMO!  

Here are my two scenarios: House: 4/2/2 - 8 yrs old - 1476sqft - Central Florida homeScenario A - Move out and rent to one person/family Rent is based on Zillow and Rentometer The vacancy rate in my area is actually closer to 5%, but I'm factoring in some buffer for my newbie incompetence.