I do not have any 1 BR STRs/MTRs but I have seen annual STR rents based on bedroom count in both my market (San Diego) and emerald coast (one of the markets I have made offers) and the difference in the income is substantial between 2 BR and 1 BR.  

Our hope is to find ways to increase cashflow with this property short term and reduce our bleeding, and also consider the cost associated to implement.The property is 2 units fully occupied. 1 tenant already rents out our garage for an extra cost, the other tenants are left with no additional storage outside their unit.

Hi Kesete,Like others have stated, a DSCR cash out refinance should allow you to qualify based off of Rent/PITI and your FICO.

Let's do a quick (I hope) and dirty look at it:1 - 100k SFH bought with a standard NOO Mortgage at 5% which rents for $1k, and lets assume; that unicorns exist and fart rainbows, you have 100% Lease Up, and $0 for repairs for the first, lets say, 5 years on all of your properties, and that we buy everything on the first day of the year.Year 1: You Spend 30k to purchase house, you owe 70k your payments are: 376 a month giving you a free cash flow of 1000 - 376 = $627!

What do you do if your tenant is 2-3 days late on the rent?

There's probably a little pain in the rent growth this year and rent has probably not caught up with sales prices yet, but market still seems good for the long term. 

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

The Southern portion of Irvington is not as well regarded and rents are lower than around Washington Street and directly North of that area to 10th Street. 

Both rented at the time of purchase.

Does anyone know the process when purchases a currently rented/leased small multifamily when it comes to assuming the current leases.