From some info I've found, I suspect that the borrower is renting out, not owner-occupying the home, and at this rate, I expect they should have good positive cash flow each month. 

We have been wanting to buy a second home to move into and rent out our current property which would cash flow $600 a month.

Keep in mind that we were in a market that was not normal and not sustainable we are just retreating back to a normal market were market time is normally 90 days for DOM .. that's been more normal.. its not normal to list a property and have 17 offers first day.. and along with that its the time of year it always slows down right about now.. the turn key folks I know though are still plowing through their inventory.. as investors are buying for cash flow and as long as the numbers work they pull the trigger.

This is value add opportunity- rents had previously been under market value (450/month) and since acquiring the property and renovating it, the management team recently raised the rents to match market value in the area (525/month) The property is projected to generate over 25k of monthly income, a cash flow of almost 11k a month, and the annual cash on cash ROIis projected to be nearly 32% This would be my first large multi-unit apartment deal and I’m looking to either obtain a commercial loan for the property or (ideally) find private/hard money lender that would might also (eventually) serve as a partner/mentor/associate/eventual first to a smart, hardworking, and ambitious young real estate investor.

I’m 26 years old and I’ve purchased two properties in the Florida panhandle which both I can cash flow on monthly if rented.

If I was cash-flowing even $300 a month then there goes 10 months of profit.

It appears to be a good cash flowing deal but comps are nonexistent because it's grandfathered into a single family area and as such I couldn't get any buyers to see "the light" without a solid ARV.

If you used an FHA loan you may not have built up enough to borrow and buy another.I would run the numbers... can you pull out enough equity to have a down payment and have cash flow cover your refinanced mortgage?

Just have to make sure the properties would still cash flow with so little money initially toward principle.

I cash flow my properties and I am not concerned about equity growth.