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Based on the $550/wk rental income and $65k salary, without any other debt at all, borrowing capacity is over $700k with several lenders. He should be able to refinance to 80% of the property value ($480k) and still have a reasonable amount of margin for another purchase. Exactly how much is...

It makes quite a difference if he moves back home. If everything stacks up, he should be able to finance up to 80% of the property value. You've made a few assumptions in your own calculations that aren't correct, and there's probably a few more things that need to be discovered, but overall...