Needs a kitchen added plus some flooring, paint and basic rehab to make it rent-able. 

What I'm really trying to do leverage up to more units either by adding a 2nd property or unloading this one and getting a larger commercial one. 

I would have gladly paid the extra meter and impact fees to be provided an additional meter but that was not possible.

If you already have 20%+ equity then adding to that can means you are building equity you can actually use.

The same rules of thumb apply there for adding value as do for SFRs. 

I’m wondering if the 203k loan will cover finishing a basement and adding a bedroom, bathroom, and kitchenette area.

@Ned Carey Part of my previous post (above) was meant as a response to your comments - the paragraph starting with "Fitch's methodology..." until the end of the post.I thought I had added "@" and your name but it must have been accidentally deleted before I hit "post reply". 

For most people, it is extra income, or to accelerate your path to financial independence.

I currently don't extra money to invest for that reason, I focus to sell investment rental properties to investors and thru this I will learn and make money than I will start investing myself.I will be dealing with a lot of Foreign CASH buyers that overseas and they will be investing in Miami.

From September-April of 2019 we will be making a payment out of pocket toward the principal that will pay down an extra $4,800.