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).

Thanks for the details on the rental program too.

It never hurts to get re-advised on such things so I really appreciate you getting back to me with such a detailed response.

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?

Just up front deal analysis.    

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

Proc. 2018-58 -SECTION 17.02(2)(a) [ see analysis section below for link and text ].D.

Here's a detailed guide on how to screen applicants: Application Screening Guide

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.

I am comparing the cost of a new build based on what it will cost me to build it, for my analysis.