I would only underwrite based on actual rents not proforma.

The finishes are actually better that other listings in the area.

@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

I wish I had another work around for you, but I actually stopped using my business CC all together just to avoid the PITA "hacks" they offered as solutions. 

Sometimes I actually walk away from the deal - Not All Creative Financing Deals Make Sense. 

This is the equivalent of a car salesman pitching the "monthly payment" of a car instead of the actual price of the car.

Everyone thinks they can paint but there's a big difference between a professional paint job and a non-professional one (the latter usually actually damages the property instead of improving it). 

Setting up loans as Repo's is something I've thought about a lot, but I wasn't sure if anyone was actually using this.

I would highly recommend to look somewhere that people actually want to live instead of where they have to.  

I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.