I'd chalk this up as expensive tuition on your RE journey. 

Since part of your home is a rental, you can deduct a portion of expenses like mortgage interest, property taxes, and utilities.

Looking for something with low acquisition cost, and meets or exceeds the 1% rule.  

You’ll pick up so much just by listening to people who’ve been through the highs and lows of the market.

Your estimate seems low, but even at that cost, it will not add that value.  

Baselane has this feature at a super low cost and it can be paid for by either the tenant or landlord.

Faith in Whirlpool appliances at a new low.

You can still achieve it, but finding deals that actually pencil out on all criteria (low enough purchase price, low enough renovation cost, cash flows on the backend, all cash out at refinance) is pretty hard.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

I bought it last year and thus far have: 1) Appealed assessed value to bring down taxes, 2) Got better (less expensive) insurance, 2) Rehabbed 3/4 units, and 3) increased rents $300-$400 per unit along the way.