You can use your credit line for repairs and add some additional equity to the property and could potentially refinance if you add enough value.

As that pilot program expands and eventually goes Service wide there may be some additional complications for you.

And, "what if told you" that, using leverage you have the potential of acquiring at least 4 times as many income producing properties in Parker, Colorado Springs, wherever, doing really nice things like, reducing your principal balance and tax burden, more tax benefits done right and, never least, appreciation. 

In addition to the energy savings the customer will have (more $ they have to pay rent), another perk of tankless units is lifespan.

Paul, these lower-end areas tend to be the places where you can cash flow like you're describing, in addition to Richmond, Vallejo.. 

Not sure what state you are operating out of, but you may reach out to an experienced wholesaler, and an investor friendly broker for additional information.

How long did it take to do the rehab/addition? 

If you have the debt bandwidth, you could potentially take on additional loans and use the equity from the sale as down payments, giving you a tidy little portfolio pretty quickly.

The patio is deep and should I want to in the future I could build up in the back with an addition.

In Lincoln, RI I not only ran into an additional Fire Tax on the property but a Fire Tax on the vehicle AND a $100 per unit Sewer Tax.