Generally, you should be able to cash out refinance up to 75 percent of the ARV as supported by the DSCR.

Income Source: self-employed in construction for the previous 5 yearsGross monthly income (optional): $6000Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $770FICO: ExcellentCredit issues: NoneAdditional details:Just looking for some input and constructive criticism on my plan. 

If your neighborhood is supporting higher comp values for 4 bedroom homes at that size, then that’s a clear indication to go for it.

Be supportive and know the right “hat” to wear and when.I wish you all the best and please keep us posted on your progress.

Slabs under garages are often thinner than under the main house.You’ll need an architect to make sure you have adequate foundation to support the weight and configuration of the new unit. 

Be supportive and know the right “hat” to wear and when.I wish you all the best and please keep us posted on your progress.

Does the population growth and local economy support drastically improving the vacancy?

Comps don't necessarily support $225K as a 4 family down the street with more square footage that sold for $194K.

The restrictions exist to support NACA's mission of neighborhood stabilization.

If the existing layout is not conducive to the plans (for instance, if you have to remove a load-bearing wall and engineer new structural support, or if it's not possible to add a br or ba without messing up the flow and functionality of the house), then it might not be feasible and could end up costing far more than it produces...Also, if this is your first property, I'd suggest against a flip.