My recently departed tenant's deposit was not enough to cover all the repairs (repairs NOT due to normal wear and tear).

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

It’s hard to believe it could all be done for $30,000.

@Franck Armand, I'm not sure who informed you, but those respective markets are all well past the gentrification phase.

Here's another tip for all those out there that gurus don't teach you. 

It is a beautiful area but because of the zoning and rules up there it would be difficult for the area to "blow up" and have a ton of new growth.Thank you for sharing all the information!  

The second series was just established at the beginning of January and after going through all the steps, FCB stated they weren’t comfortable with the series and did an exception for us the the first time.

We want to map out all 145,928 steps and predict the outcome before we even make that first offer.

I am an experienced lender and borrower in Phoenix, so I would love to share my experience with you all.  

It's a good learning lesson for all of them.