But he informed me that you also have to subtract all the depreciation from over the years, which vastly lowers it. 

They take sale price and subtract their purchase price and Reno cost but don’t include closing or holding cost even though they talk about closing cost when things are delayed.

This means that the rents that the appraiser says is the market rents for those units must be equal to or more than PITI mortgage payment, after subtracting 25% for vacancy, maintenance and CAP X.

I know you subtract land valve and divide by 27.5.Maybe I’m underestimating what I can deduct for depreciation.

Sometimes they don’t subtract from value, sometimes they do.

The lender said that basically means he subtracts that from our income.

What do you do with security deposits and repairs/maintenance/CapEx that you are subtracting from the total monthly cashflow for future expensesI know it's a decent amount of questions but I would love for someone to guide me through this process as it's all seeming a little confusing to me at the moment. 

The add or subtract value of items like a pool or garage or square footage, etc.

If you take that subtract the money I’ll get back in the refi it’s ~25K loss. 

After you determine the price point on the lots you work backwards form there and subtract all costs of the development and a profit margin you are happy with to determine the price you can pay for the raw land.