The HOA plumber did an inspection and sent pictures to me, and I am so upset. 

HOWEVER, just got the HOA information today and it says explicitly that they don’t allow garage apartments. 

It's a 3 level townhouse with an HOA in Woodbridge, VA.

An amazing school district, great neighborhood (without HOA, rare for this area) and a ton of upside potential that is still ongoing.

Base monthly expenses include HOA ($750) and taxes ($266). 

We have already said no puppies and our HOA limits breed and weight. 

Since this would be my first cashout refi, I'm wondering if I'm missing anything hereProperty: existing mortgage has 255,000 left on a 30-year fixed at 4.25%, property appraisal estimate 410,000- current mortgage is $1288/month- unit rent is $2050 with 1-year lease, market rent is around $2100-2200- HOA and Taxes push monthly expenses (not factoring other things like vacancy and repairs) to $2000/monthCash out – can go up to 307,500 loan amount so cashout will be around 51k.

The home is currently rented at 1331.10 + 19$ pet fee = 1350.10  HOA's are 140 which includes pool, trash and exterior maintenance

And buying a 2 bed 1 bath will most probably will get you a Condo with HOA, so there wouldn't be any chance of adding a bed and a bathhttp://www.zillow.com/homedetails/7631-Bothwell-Rd...Having said that I would stay put in the same property for a few more years and keep building equity. 

Everything...Mortgage, taxes, insurance, sewer, HOA fees, property management fees, commissions to obtain a new tenant, legal fees, accouting fees, any other utilities you pay yourself.Also, repairs, chimney sweep, dryer vent cleaning, basically anything to maintain the property.You can also keep track of mileage to dry to the property if needed, paper you use in your office, etc.