Additionally, I will add:-I don't think 38% expense ratio is being conservative, being at 50% is conservative and some buildings exceed this-bank won't even lend on a deal with a DSCR that low, you need to underwrite to at least a 1.25 or the deal won't get done-figure out what financing vehicle you're using, agency debt (Freddie) is possible at a lower LTV and interest rate but comes with requirements, community bank is tougher to get 30 year am on-I see nothing about exit assumptions, you might have to refi/sell after 5 years with higher interest rates and a softer market...then what?

The fact is, banks originate these mortgage, it's normally sold as a package to investors, and investors buy these mortgages safe in the assumption it will not modify when bought in any way. 

You are making the assumption here that bank has to sell to someone who makes the highest offer, and this is categorically wrong. 

If my assumptions are wrong let me know.4.  

@Greg, Probably judicial foreclosure on deed of trust to secure assumption (usually of the spouse that got the house in the divorce gives the other a lien to ensure the mortgage gets paid). 

The loan assumption department for the mortgage company finally emailed me the paperwork to complete the assumption application. 

@James Wise My assumption was this was just a side hustle.

This opinion is strictly based on general assumptions. 

As you can see, in our market appreciation on detached and attached seems to be more in sync... in fact we've seen more appreciation in attached properties lately in Fort Collins, CO.Similar numbers for another city near us, Loveland, CO:And finally, here's Greeley, CO:It may not matter with what you're trying to do, but perhaps, someone with actual data in your market can verify that assumption before you invest based on that premise.I'd also be curious if our market is the exception to that rule or if our market is normal in this regard.

In other words, will any of your assumptions not hold true as far as the extra income you might see?