If you PM me, I'd be happy to give you the name of a few local lending attorneys that could give you advice better than anything you'll receive here, including from me.

Based off the P&L, the potential income when fully rented out is about $248k/year but the last couple years his income was around $230-235k including charging $75/month to each tenant for water and trash.

But I should have included that the actually owner is deceased and the heirs are trying to sell it. 

I have included a link here:July Meetup - Melissa Gittens

You could also have all documents handy and turn them in with your application, including W2's, tax returns, and recommendation from current landlord.

@Russell Brazil  Understood that capex is not an operating expense so technically it should not be included in NOI, I just prefer underwriting it like that to make sure I'm not over valuing a property when looking at it from a cap rate perspective.

A couple of questions come to mind:4BR, 2BA Brick ranch property sits on more than 1/2 acre in growing city with strong economy and rapid home appreciation last 4 years, 1960s construction with original everything, lead paint included free of charge!

When utilities are included, they are far more likely to waste them or ignore problems that will drive up the costs.

@Mark Davidson  There's quite a few BP users, including myself, that use Cozy. 

Do you include a balloon in the first proposal?