@Pratik Shah thus far I’ve been able to take care of everything by using family and friends who are skilled in various trades.
@Logan L. Yeah you're missing the most important part: ignore "rules" created by others to overly simplify a process that is highly personal and subjective.
It doesn't matter if your property doesnt meet the guidelines others use. The only thing that matters is whether it works or not for you. Don't forget the real numbers are going to look very different from your numbers on paper.
The 1% rule is just a "rule of thumb" that doesn't morph with the times. While it's a good tool for conservative initial scrutiny, I don't think it's comprehensive enough to rack your brain over the .02% you fall short on. I have a home that I refi'd on $~221k principal balance at 2.375%, my PITI is $1131 and the home rents for $1995. According to the 1% rule it's far off the mark however, it's one of my better performing properties. It's also new construction so CAPEX and maintenance is minimal for now.
I still use the 1% rule for triage, but I don’t take much stock in it after that.