@Chris Jones the method you are trying to do is called "daisy chaining" which in most cases are not good deals.

Also; If it's fully paid off, please consider the BRRRR Method for your next property to see if it makes sense for you.

So what does ‘in place’ signify?

@Austin WoodThere is also another method, that my work.If the property is in a really strong neighborhood with a history of consistent appreciation, say 7%, you can hold it for 10 years and sell at that time. 230K Value Now = $452K value in 10 years @7% appreciation.Clearly will only work in a neighborhood that has that history, otherwise it's flipping coins. 

Depending on your exit strategy you would execute as normal to flip or Refinance after Rehab with the BRRRR Method on this type of a property. 

Initial Investment Length of Investment (Years) Shares Class A Preferred Return % LP Profit Split Class A Waterfall (Y/N) Waterfall Details Reinvest Earnings Option (Y/N) Physical Real Estate or Note Only Refinance Projection (Year) K1 Loss (Y/N) Yearly Interest Earnings Performance Average Annual Return IRR Refinance Return of Initial Investment Year 1 Tax Loss Effect Net Return (by Year) Total Return on Initial Investment  Hey when you figure it out, I’d love for you to teach Your methods!

Also, what's your favorite method or site for estimating monthly rental income potential? 

Under a lease agreement, a property owner can allocate the tenant for water and perhaps wastewater using an allocation method. 

BRRRR is a good method 

But with the BRRRR method we may need a little more in on the first house.