That's for an 950 sf addition (new bathroom) and gut / remodel existing home of about 850sf, SF home, historic district in the City of Phoenix.  

With rates historically low, it was a no-brainer for me to leverage.  

As others have mentioned: in your situation it sounds like you should be working with a commercial bank.There are times, if all the other aspects of the deal make sense, you can use a hybrid of a historical and proforma P&L if there are <12 months rental information.

Hypothetically, as a builder / developer, would you pay a slight premium for property that has the federal historic tax credit of 20%, a state historic tax credit of 25% and a city empty building tax credit of 25% - capped at $500,000, as well as a dense mixed use approved PUD, and a tentative $5 mil TIF district for the site?

Historically, every time we see low unemployment it is followed by a recessionNow we hit a 17 year low for unemployment rate, so what does that mean?

That being said, Id rather lock in more debt at historically low interest rates than pay 2 or 3% less for a property while paying a 2% higher interest rate.

With older homes you also want to make sure they are not in a historic district because that is a whole other set of problems.

I purchased a historic 5 unit apartment building in Birmingham, AL and I am getting ready to start the work.

Rates are still very low compared to historical averages, and my assumption is your blanket financing is probably on a balloon.

He seems to have a good grip of where Austin is; from a historical census perspective and can direct you in the right direction/market.Looking to connect with you one of these days...Best,Benny