The winter rent, due to the various holidays and the harsh weather in other parts of the country, does OK. 

Developers have been swooning over lots in the neighborhood and converting them into $500-600K duplexes very quickly, so even if I have to hold onto it for a few more years, I should be able to weather the storm of a potential downturn with my cash reserves.I believe that we could get very close to breaking even in the first year and as rents increase, I expect there to be positive cash flow very shortly afterwards.

I forecast somewheee around 35-40 by my mid thirties.   

You can shoot for the top of the market, weather the vacancy loss, and make the necessary property improvements to attract good new tenants.

We want to get a quote on building this to be weather tight, with us completing the project.

Holding costs involve insurance that will vary by location, local taxes and weather.  

If you're dealing with a house that you've unclad and will be reinsulating, and the house doesn't have exterior sheathing or some kind of weather resistant barrier (most houses around here just had siding tacked straight to the stud), you're going to have a huge problem.

A few municipalities in the state have their own rental inspection requirements but the state of WI as a whole got rid of the rental weatherization stipulation over a year ago.  

So I have them in a ladder like rotation, the first 5 yrs I only have two balloon payments, but I have forecasted that I can afford 3 at year 7 and etc... as you pay off, your surplus grows and you get a snowball effect.

This was for a new weather head, meter socket, exterior ground bar and two rods, service entrance cable and sqaure d panel.