Sounds like you have thought out a lot of this, but maybe also hold a competition with a cash prize at your closest architectural and design school.Can you build it cheaper than someone like this?  

How long is the LP investor hold? 

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

Now if rents hold, the leveraged investor can still ride it out and be OK over the long haul, but if rents also decrease, well that is where problems start.Others alluded to this fact, but I wanted to point it out directly.

If this is for a SFH and you have owned it for a few years then you can probably get a hold put on the tax increase for a few more years.

Let’s say your filed of expertise is purchasing c type apartment t complexes and upgrading them to b, then holding to stabilization and once stabilized offering for sale.  

Those chasing the last 5yrs experience are going to be rather sad at what the next 5yrs hold for them I think.

My property holding LLC would ideally own the land/houses and manage the rentals once completed.When they are complete, I will have about $375K in each build and they should appraise around $675k each.

If you're investing in real estate, ask yourself can you hold this a minimum of 8 years, ideally 12, optimally north of 20?

Some rentals just aren’t worth the hassle to hold on to.