Also, the historical data tells me that 3 years of underperformance means that future performance must improve substantially in order to meet the IRR goal for the investment.

On the lending side, we see a lot of private individuals that try to lend out of their IRA just because the borrower is a "good guy".

If the goal is replacing income, cash will allow you to get a better deal on the buy, cash flow from day one, and you can still set capital aside for improvements/capex. 

That said, the 6.875% rate could be improved.

This significantly lowers the cost per door and improves your return on investment.Scalability: A three-story walk-up design allows you to maximize your build cost and land use, just like most professional apartment developers do.Control with New Construction: Starting with a new build ensures fewer risks, as you’ll have control over the property’s condition and avoid surprises from existing structures.Pro Tip: If you do go with an existing property, make sure to thoroughly vet the deal to avoid hidden costs and issues.For first-time investors, multifamily new construction is often the best way to scale quickly, reduce costs per unit, and build a sustainable rental portfolio.

Each unit is individually metered for power and water. 

Your write offs are also not effected, so you can write off miles also as an individual owner.

While 20% down improves cash flow by eliminating PMI, it delays entry into the market, potentially missing appreciation.

Mainly because you remind me of the unsavory individuals I have had the displeasure of meeting.  

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