Is that 25% down on the total construction costs when you choose to break-ground? 

I’ll still try to answer the question: Pros of Kansas City for buy and hold small multifamily rentals:  Hybrid market so you get some cash flow and some appreciation (con if you want only cash flow or only want appreciation) Inventory of 2, 4, and 5-50 MF buildings (not true of a lot of markets that only have SFH and very large complexes 100+ units)Relatively low property taxes, although check for the city and state you are in (e.g.

Your management fee is way too low, especially if you're doing everything for the owner.

The amounts of square footage cover is so low the delta becomes a rounding error. 

I had a similar issue with one of my properties where the thermostat was near a door in a busy retail space, and the tenant was complaining the temperature was too low.

Is there a way I can take on the current mortgage payments (at the low rate) and get a new mortgage to make up the difference between the existing mortgage and the current value?

Access to MLS is one of the best reasons for investors to get their license since it's such a low bar to entry and low annual fees for that and access to all dumps on the market.

I would look for a bunch of Sub To Deals with 2-3% interest rates ...... then rent out for cash flow and huge equity build up when rates are really low (check out amortization schedules and compare 2-3% vs 6-7% with the same balance and length of time - check out the principal portion each month - the lower the rate the higher amount goes to principal PLUS better cash flow).

Is this location within their sphere of competency or ability to low cost manage?

my property appreciation varies from a low of $2700/month to over $10k/month.