My game-plan would be to BRRRR the property using a hard money loan or OPM and then cash out refi.

@Jessica Howard - Also with many things DC or big city related - to get into the game you have to be well connected.

Well time tested that the best deals are done driving for dollars....So you can use an app called Deal Machine...right on the spot to the point where as your parked in front of the property you can send out a post card...

Letting a Government run your business is not my cup of tea....Having said that, if you can tolerate the Govt being involved, you can make a lot of money...just play the game.

Some stains are better removed without even using a carpet cleaning machine.

There is an opportunity to raise the rent to 2300 but alas I think it's just too late in the game and too many unknowns to make me comfortable with that property long term.

Moral of the story:  If you don't mind playing their game and jumping through hoops, you are covered for surprises on your personal home purchase. 

is this a good game plan?

Hello Sean Gibson, you need to have a Game Plan to best use the Time you have to be Successful.

It's different for me because I've been around the investing game for a long time but I just got started not to long ago.