The property is a 5 unit building with the following information: Rental income is $4,000 per month or $48,000 per year totalTaxes are $375 per month or $4,500 per year (this is higher than current but factoring in that they will increase)Estimated insurance is $200 per month or $2,400 per yearExpenses: Vacancy 8%Management 10%Other expenses Landlord pays water at $400 per month or $4,800 per year Realize this could be a cost savings in the future, but want to analyze as isGeneral maintenance (including minor repairs on property) including grass and pest control estimate at $300 per month or $3,600 per yearCapital reserves for Cap ex (appliances, windows (52 windows on building), roof, siding, etc. which I based on building a capitalization table based on useful life of items and number of units) at $460 per month or $5,520 per yearLoan: All in after down payment the loan would be for $300,000Assuming 7% interest rateAmortized over 20 yearsThus comes out to $2,325 per month or $27,900 per yearSummary Income Per Year:$48,000Property Exp.

On one hand, if you know nothing about property management, and don't feel confident that you are the person that will be able to fully educate yourself on it, you are probably going to make some very expensive mistakes and wish you had paid the money for the manager.

If I increase the rent by $200 it would increase to about $5,200 a month.

Things can fall apart for a variety of reasons and you don't want to confuse the tenants if that were to happen.I like the idea of giving the tenants a month or two to digest the bad news of a rent increase, however this often gives the M2M tenants a reason to go find a new place.

I've been hesitant to raise the rent because I'm pretty sure I'll lose my tenant, and dealing with a vacancy and turnover from afar will be a real pain.I am pretty confident I can get $1800/mo.

The VA loan limit for 2018 was increased to $453,100 for most parts of the country.

How much did your homeowners insurance increase when you added short term rental to your policy?

Cost of rehab vs. level of rent increase and payback period.2) Rent raises, how much and when to raise rents on both existing tenants and vacant units.3) What amenities to add, particularly how to handle laundry facilities.

If so, I still am not sure whether it makes sense considering that I would need to do the Refi at an interest rate over 5% vs. the 3.875 I have currently (i.e. does potential tax benefit make up for the increase in rate). 

I'm not totally confident in the results and reliability on those sources, though.