Can I use projected rental income to qualify?

Generally, yes. DSCR programs are built around what a property can earn, so projected rent is often acceptable when there is no lease history to lean on. The projection usually comes from the appraiser, who completes a market rent analysis comparing your property with similar rentals nearby. For purchases, renovated homes, and newly converted rentals, that market figure typically stands in for actual collections; some programs blend it with an existing lease or use the lower of the two, depending on the program. Keep in mind that your own optimistic estimate will not replace the appraiser's opinion. Before you write an offer, model the deal with projected rent to see whether it supports itself.