I came across an investor refinancing a duplex in Tucson with a loyal tenant who had been there six years. She never raised the rent much, so the lease sat about 300 dollars a month under what the place would fetch today.

She ran her numbers on market rent and figured the cash out was in the bag. The appraiser agreed on market rent, but the lender went with the lower figure, which was her lease.

The ratio came up short and she left money on the table. Being a nice landlord cost her at the closing table.

The lesson:

• Many DSCR lenders qualify on the lower of the signed lease or the appraiser's market rent. It varies by lender, so ask before you apply.

• It cuts both ways. A lease above market often gets trimmed down to the appraiser's number too.

• Check your leases months before a refi. Renewing at market rent first can change the whole picture.

Has anyone had a refi come in short because of a below market lease, and what did you do about it?