If you are going to manage it yourself go over the trailing 12 month financials from the owner and look at every item to see what it would be under you.  

And you'd have to take out the loss of cash flow from not renting it out during the months it'll take to build.  

$60 a month is a drop in the bucket if you have a loss in your unit.

If you are not planning on holding the departing residence for a minimum of 8-12 years as a rental which still might not be long enough to take a hit to the equity that's there and recover it fully (if it takes such a hit), then sell now and redeploy the equity into your new house (if you are so inclined) or invest it into any number of principle protected low or no load investments that can return at least as much as it will likely earn as equity...with no risk of loss of principal.  

Here are the details:Condo in JC, 72% LTVRefi amount- $178kCurrent rate - 5.375%Rates - 4% (no points); 3.625% (w/points)Points - 1.5% ($2670)Background - condo was bought in 2005, refinanced in 2010, looking to refi again, brings in a slight loss for the year based on the rent we're currently charging.

If work is behind, it's a partial payment for whatever item was to be completed that week.  

Unlike Brandon recommends (which probably works fine in his state) I can't just take the full deposit without first trying to fill the unit to mitigate losses and itemizing what the deposit was used for (additional advertising, number of days rent missed, etc.)

What are the deferred maintenance items, and not only their projected costs but also time frames (will you be spending $20k on cap ex in the next 3 months that could push you over the edge financially)?  

Keep in mind that the score you see as a consumer can be as much as 30-40 points higher than what a lender sees due to risk of loss.  

Cut your losses and move on.My only hesitation would be if you think you can dramatically raise the rent with a new tenant.