Overlays are the extra rules lenders put on top of the loan rules to be more conservative on their lending. 

The remaining 60 will go for between 10-14k and acre (so around $600,000 and $800,000k to either a vineyard or a conservation group to protect the oaks.This is small change compared to what you are talking about but opened my eyes for value. 

We cash flow a conservative $3,000 a month after taking around 35% of total rents out for Vacancy, Capex, and repairs.  

Best to run numbers as conservative as possible.

Im a conservative investor who owns multiple properties that are paid off and I'd like to know best options for refinancing my current properties before I talk with my bank so Im educated on options. 

Im a conservative investor who owns multiple properties that are paid off and I'd like to know best options for refinancing my current properties before I talk with my bank so Im educated on options. 

ARV is $110k and refinance loan is @ $100k or 91% LTV, I don't see a bank, commercial lender or alternantive funding providing a new loan for a rental property at that loan to value, it will most likely be 70-75% LTV so you might want to be more conservative.

That may seem very conservative, but I look at it as 2 mortgages that could be foreclosed on and only one owned in the clear and used to gain cash for a possible 4th property.  

My understanding is that appraisers are typically very conservative on new construction duplexes, so I'm hoping I can get a better appraisal/more equity if I sell the first unit at current market prices. 3 - We will still own the 500 SQFT cottage on the back portion of the lot.

Of course, as a newbie, many of the numbers I input are estimates based on real estate and mortgage officer suggestions for their experience in the area to conservatively estimate for this building.