A total cost of 6.3Mn over 23 units equates to 274K/unit...this appears unbelievably low for San Diego...I'd want to see full development budget detailing hard, soft and financing costs as well as month by month projections showing construction and lease up cash flows.What's the 2.2Mn purchase price for?

Thanks for the details on the rental program too.

https://www.realtor.com/realestateandhomes-detail/1852-W-Jef...

Hi Nate - It'd be worth asking the lender for a detailed breakdown of closing costs for this program, as well as an estimate of the interest rate you'd get with today's rates (they'll probably need to pull your credit to do this).

The question comes with various customized details but it's the same answer over-n-over again, to such a degree that answer-burn becomes a very real thing. 

My realtor found the city building inspection report which details that the unit needs to be de converted as it cannot be brought up to code.

In general I think you need to give a lot more detail if you want good detailed feedback. 

If the lender used your credit report as part of the decision, they should also include details about the credit reporting agency.It’s worth following up with the lender to formally request this denial letter and ensure they’re compliant.

Proximity is a plus for managing the property, but make sure to run detailed numbers to confirm the cash flow and long-term potential align with your expectations.

Can you explain this section in more detail?