Compare rental rates in your area for similar properties.

The chances are high you will meet other house flippers that can offer insight. 

The remaining principal was about $450,000; the stated interest rate was 11%, and the note had 8 years to run with a balloon.  

@Adriana Siu if you can get $3500 cash flow and have a low interest rate, it should cash flow well.

This could also be called an 'equity play' where you are just buying the property to get into the real estate game and build equity, as it isn't cash flowing in its current situation (be it because of high interest rate, high RE prices, or whatever).  

5) Consider meeting with a few agents in your area even if you are just getting started!

Dan - I'm not buying in DFW, but I am underwriting with 0% rent growth the next two years and then growing out my rents and expenses at the same rate in outward years - typically at 2% each.

Hi Ari, nice to meet you (muchisimo gusto conocerte).

A cash out refi would allow rent/fees to be covered by tenant but it changes it form a 20 yr loan to a 30 yr loan and also increases the rate up to like almost 8%.

Go to local REIA meeting or local meetups.