They've recently evicted a tenant for non-payment and have not received any funds toward their outstanding balance, nor have any of the utilities been paid.

Either market will take time to stabilize and have challenges to overcome, consider which one you can manage easier an balance that with your ROI. 

What is the estimated value today, what is the current balance on the bridge, what is your current score, what is the current gross rents.Be happy to help discuss.ThanksCraig

I know how tough it can be balancing projects in different locations. 

I currently have 2 preapprovals from HMLs with two offers in process needing Gap balance funding asap.  

Given the recent pickup in activity, I thought this would be a good time to re-hash the agencies' small balance multifamily loan programs for future reference. 

Tax reported as 12/31, if you need to find out the current month basis you need to see your Balance Sheet.Tax return e.o.y shows on Schedule L

Let's leverage our collective expertise, resources, and networks to create win-win opportunities and achieve financial success.

It can be a real balancing act.If you go the full MTR, reach out to the school and make sure they know you have a nice place for visiting professors, doctors, nurses etc who are there for an extended stay. 20k is a decent sized school so you might be able to fill up just on that.

Thank You We have a product that we fund out of our balance sheet with no seasoning for cash out.