Some numbers...
Must clarify:
1. Is $90k after carrying costs? (construction loan interest + mortgage loan interest & payments) If it isn't there is even less profit in this development. You have to include cost of financing before calculating profit.
2. What kind of mortgage do you have? What are the interest / early payout penalties?
Sell:
purchase 290,000.00
Renos 90,000.00
Realtor 16,900.00
legal 1,200.00
Total cost 398,100.00
sale 430,000.00
margin on cost 31,900.00
Refinance: minimum 80% LTV for rental properties (to my knowledge). You need to look at how much construction financing you used to see if this option is viable.
Value 430,000.00
Minimum 80% LTV 344,000.00
Equity required 86,000.00
My goal is to maximize the money.
I'm not sure what this means. If you want more cash money then sell property and keep flipping.
With a $344,000 mortgage you will have a mortgage around $1,500 / month (2.25%, 25 year), operating expenses of around $1,120 ($250 property insurance, $100 insurance, $83 maint, $313 PM, $21 marketing, $73 legal / bookkeeping, $280 utilities). So a total monthly hurdle of $2,621.
How much above ~$2,600 can you rent the entire property per month, including utilities.
Then create a major capital expense schedule.