Pros I can think of: - higher rent rates (renting by the room) - saving cost and time on upgrade - easier advertising Cons I can think of: - high turnovers  - limited screening - possible wear and tear  

Would you leave it as a floating rate, hoping the rate goes down?

A cash out refinance to buy more property would put a substantial dent in cash flow with current interest rates.

It's an easy, cheap, and automated way to stay stop of mind.

Loan rate/terms get complex once you hit that 5+ unit property, so you'll ideally want to work with someone who can help on both sides of your plan.I'd also consider MTR as an option for a $70K property.

This can affects a lender’s credit rating.

We already have a primary residence in the area with a mortgage, since we had moved to his part of the country because he was ill in 2021 when mortgage rates were 3%.

I noticed the CMHA fair market rent is showing $2,300 for a 3 bedroom in the 44122 zipcode. https://www.cmha.net/housing/landlords/rent.php Anyone know how accurate are these rental rates on their website and what one can expect to collect?

i would be purchasing the property with an FHA loan. and im also looking for solid cashflow + long term holding I think house hacking is great way to get started, especially here in SC so you can take advantage of the lower tax rate.

Wait for first few fed rate cuts and refinance to purchase the next property, and onwards.