Hi Nate - It'd be worth asking the lender for a detailed breakdown of closing costs for this program, as well as an estimate of the interest rate you'd get with today's rates (they'll probably need to pull your credit to do this).

I just saw the webinar, and had to do a search on ratings before it was over.

First off- $4.5M for 48 units and 50% are vacant is not a steal, unless this property is located in a downtown area and you have a contact with a developer who will pay 2X to build a high rise. $93k/unit for 50% vacancy doesn't carry hardly any debt, hence why they are capping you at $500k.

As Ko Kashiwagi says, we need to know more, such as rate, amortization, term.

You do not indicate what your current interest rate is.  

It is a big reason my last purchases were Dec 2021 when the rates were less than half of the current rates (I purchased $4m that month that I have already made ~$1m from).  

Along with that you purchased at a decent price, cheap rates so your mortgage should not be expensive.

I explained to the landlord what my business plan was, and paid him a set rent amount each month (though slightly higher than market rate rent).

Such cities tend to have lower prices that rise slowly due to limited demand.

The interest rates are terrible.