-Do the area demographics support occupancy and higher rents (population growth, low unemployment, low crime, increasing wages)?

Potentially a 'exclusivity in exchange for reduced fees' or 'reduce per-visit fees as the number of calls increases.'

most bankers are standoffish ;-)yes, the HML/PML will be higher cost, but my concern for you is the banker knows he can't do your deal, but will string you along for a while, ask for additional information that takes you time (and maybe cost) to put together and he ends up either ghosting you or taking 6 months to tell you no.I could be wrong and you may be dealing with a "unicorn" banker, but I believe a HML/PML that knows construction in your market will be easier to work with, actually close your deal, and end up "saving" you money in the long-term...just my 3 cents - even inflation has increased this!

Property taxes are especially high, as the city by default increases it at 2% per year even though market value of those condos have crashed by over 10%. 

The shorter the prepayment term has an impact on increasing the rate.4.

Some expenses are noncash and can be added back to increase your net rental income, and others cannot.

These easy cosmetic value adds get your rents/cashflow up and create some equity while also attracting the best tenants. 

FULL STOP  Your ability to make such a profit will depend on your ability to manage the asset better than the prior owner.As a seller, the broker should be helping you determine the price point, at that time, that attracts enough buyers to achieve an optimal sales price.

Then he decided not to do business, they made the  offer very attractive and he was desperate. 

And during inflationary times, our rental rates increase.