Total newbie here.

Total ROI at about 23%.

The first loan is at 6.75% and is for $210k with the payment being $1,675 and the second loan is at 9.75% and is for $52k with the payment being $475 for a total monthly payment of $2,150, yet rent is only $1,995 so I am negative $155 every month.

If that's the case, it's totally possible.

However, since it's a smaller city, would I have less competition for real estate or would it balance out since there's less real estate total as well?

i have a recently renovated 2 unit. 2 years since total reno.

On SFR, your refi will be limited to the lesser of: (a) 70-75% of new appraised value, and (b) the total of original purchase price and closing costs + prepays on the new loan.

Here are the logistics of the property. 4plex3 2bed 1 bath - $4751 1bed 1 bath - $400Coin Laundry - $75Monthly Gross = $1900(one unit currently empty, two tenants long term older people)Expenses (that they gave me) Insurance = $1891 (2013)Prop Tax = $1684 (2013)Snow/Lawn= $1220 (2012/13)Garbage = $700 (2012)Utilities = $1550 (2012)Heat = $2000 (2012)Total Expenses = $9045 ($753.75/monthly)Cost $125,000.Needs new siding (not going to repaint it), and paint windows.

Natasha Hylton I didn't think you were actually going around the realtor (trying to take their business), but that you didn't want to use one and prefer to save the commission, which I totally understand, but you have to be prepared to do all that they do in that case.

I can get away with working 20 hours a week and I basically set my own schedule with total anonymity.