I did have to pay closing costs (refi and conventional) which depending on loan/home price could eat up some of the funds to make it not worth it.However this won't work for you because: You don't have enough equityIf you do, if by short you mean less than a year you need to let it season.

There are many places to eat(Pizza, Boston Market, Dunkin Donuts, Bagel Deli, Indian, BBQ, Greek) and stores (7/11, CVS, Auto-Zone, TD Bank, Post-Office, Florist, Gas station) all within a three-minute walk.

@Tony Ferrero Eat the $3K and walk away, run away, things have changed and there are way too many questions on your end. 

The payment on a 4.5%, 30 year loan of $280K would be $1418 so that alone eats up the rent. 

One thing you need to be aware of on industrial deals if you haven't done one is the deal costs as they can eat away at your yield quickly and are VERY different from residential. 

To me it looks like you're about to take a loss on property 1 with a higher PITI and other expenses eating into any available cash flow.

Also becareful with HOAs because if they raise the fee it will eat into your cashflow. 

So since starting I've bought every single property I could cashflow and somehow get money for (begging, borrowing, eating ramen for, etc.)

Bellevue has a lot of SMFs but the taxes eat up too much of your cash flow. 

Both can have pluses and minuses.We have 3 cats but they mainly sleep and eat and our house is perfectly clean.