.$60 per unit/month for Cash Flow doesn’t exactly get me excited.  

Costs to refi will be about $6,000.You do realize market conditions change. 

Potentially they can rent for $650 but in the condition it is in, $500 is conservative, $550 is very do able.  

I am considering offering the seller a down payment plus payments for a defined period until the property is in a condition that the bank will approve the loan.

Source of income is the protected class and you can absolutely accept applications from section 8 tenants but deny each one not based on the source of their income but on the fact that the HAP program requires you to enter into separate agreements with the government that modify the terms and conditions of your lease which you do not have to agree to (assuming your state has a HAP addendum to the lease for section 8 tenants).

Exactly what I was looking for.

I don't know exactly how much a new lagoon would cost, but in the hundreds of thousands. 

I was conservatively estimating about $1,550/mo for rent, but after talking to my agent and re-checking the comps, we decided to list it for $1,650.It's only been on the market for a week and the average DOM for this particular neighborhood is about 16-20 days, so I'm not exactly worried about it.

For the record, I receive exactly nothing for making these referrals.

@Kim Hopkins the time it'll take to lease a space depends on the local market, did your agent give you an idea of the local market conditions and set expectations when they gave you a presentation to get the job?