Can a vacant rental property qualify?

Yes, vacancy by itself rarely stops a deal. A property does not need a tenant in place to qualify, because the appraiser can prepare a market rent analysis showing what the home would reasonably rent for, and underwriting can use that market figure as the income side of the coverage calculation. The situation comes up constantly on purchases, on refinances after renovation, and during ordinary tenant turnover, so lenders are accustomed to it. The property should be habitable and ready to rent, and some programs treat leased and vacant properties a little differently, so expectations may shift with the scenario. To estimate how a vacant property pencils out using market rent, try our DSCR calculator.