Comps do play a major factor in dictating the valuation of the property but like he mentioned, comparable cap rates is what is a large factor which boils down to the rents you obtain.

Hey @Hunter Beck in your bio you say you're looking for buy and hold real estate and above you mention you're looking for a home.

As mentioned previously, the biggest issue with it here will be that the rent covers the mortgage after you refinance.

Due to the tax consequences James mentioned (and so long as you're only doing so infrequently), it typically makes the most sense to hold for at least a year to at least hit the capital gains tax qualification.

The landlord mentioned something about selling it to him for $120k or listing for $150k, but he can't get a loan and by now, equivalent rentals are a lot more than the $950/mo hes paying.

@David C  You can take HELOC to pay off your all the loans which you mention.

Hello Jimmy,Your numbers looks good, I think you mention that would concern me would be your ability to refinance the property.

I purchased the forms from bigger pockets that are Maryland Based (I mentioned it in the subject 😉).

You also mentioned closing cost...

You don't have to have "cause" to do so, as others have mentioned.