Fortunately, the tenant paid for all of it.They lived in a building with a nice laundry facility (six washers and dryers) that were priced below what the laundromats charge.

I also checked in our executive meeting and your property is being marketed $100 above the range we gave you and has a resident application.  

Also would charge points at origination and bump the rate up a point or twoReason being my guess is this borrower can it get conventional financing so they are a higher risk.

My take on this is to underwrite purchases based on expected LTR rents (I like rentometer and the BP's own rental estimator), but start charging 1.5x that rent for your MTR.

The guests have a credit card on file and your policy should allow you to charge for damages or excessive cleaning.

Add AC and you need a good HVAC tech...if they come from the next town, again their availability may be limited and they may charge trip charges.Do you know this town well? 

ci=Bismarck&st=Nor...This will help you determine how much demand there is and whether or not you can charge enough to cover your expenses and hopefully produce some cash flow for you.

Another thing to consider is are you basing the 3x rent on her initial application? 

I have actually been thinkin about cutting losses honestly, I am not sure this is the best investment I could have made as my first but worried about how much of a loss I would have to take.It is meant for S8 for sure, I would have a stringent application process, and give the neighborhood a C from my research.I invested there because it was the first deal that basically fell on my lap where the mentor works with agents that Seller Finance deals, it was only $3k down and had thought the proximity to St.Louis would be attractive to tenants also.I effed up on waiting to post for rent until after all repairs and the COO for sure.  

They will show the property, send applications, review them, and review the applicants with you, and draft a lease and any necessary local docs needed for rentals.