sro mortgage

The regulatory structure of SROs does not provide the same incentive to renovate as rent stabilization. Also, you cannot combine SRO units, so you would need to find something that works for you as is. Also, SRO tenants tend to be dead beats - you probably don't want to be the landlord and so easily accessible. There is a reason SROs sell at a major discount.

Unless you are a professional landlord, which based on your question I will assume you are not, I suggest you stay away from SROs.

Not referring to renovating in the way you might be thinking....more like basic upgrades and ''cleanup''... and KEEPING the SRO Configuration as is...which in this case is an owners unit over 2 floors with 5 SRO rooms on the remaining floors...

NO combining of Units or attempting to eliminate tenants...AS IS...with the basic type of Upgrade/Cleanup....

For something like that, you could probably get 60+% LTV and a rate of around 6.5%, which is pretty good when you think about SRO valuation, which typically come in with a 10% cap rate or higher. I'm sure there are some brokers on this site that could help.

You can't get the type of financing on an SRO that you can get on a "normal house". Since it is a 6 unit property, the loan will not be non-conforming, which means you lose the Fannie / Freddie / FHA subsidy. This is a commercial loan.