Taxes/Insurance- depends a lot on where you are located.The homes themselves- POH or TOH? 

Quote from @Devin James: Im currently learning this lesson with New Builds that have taken twice as long to complete than anticipated.....Finishing a Real Estate project ASAP is critical because...1) Holding Costs add up quickly- Loan Interest- Property Taxes- Insurance2) Investor Capital- Our financial projections are dependent on how fast we can turn our investors capital.

., the 2006 or 2009 IECC — International Energy Conservation Code).Cost Considerations for a 90-unit or 112-unit Project:The actual cost of qualifying for the 45L tax credit depends on various factors, including:Energy Efficiency Compliance: The primary cost will come from ensuring that each unit meets the required energy efficiency standards, which typically involve energy modeling, certification from third-party energy raters, and potentially upgrading insulation, HVAC systems, windows, and other components of the building to meet the necessary performance levels.Energy Modeling: Typically, you'll need to pay for an energy consultant or engineer to model the building's energy performance and ensure it qualifies for the credit.

Programs (light-doc, full-doc) will depend highly on those two.Its a free standing office building one unit.

Items like a missing doorbell or blinds may fall into wear-and-tear depending on their age.

The ability to effectively self manage would depend on the scale you are trying to buy. 

Long term $ can range from 6's-10% range depending on all types of factors - LTV, location, unit count, debt coverage, borrower strength, full doc or lite doc programs, etc..

I don't know that any of this would affect a new appraisal, but there may be some comments by the appraiser, which may or may not hurt you depending on why you want the appraisal in the first place. 

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

Ultimately though, it will depend on the lender and the availability of funds (assistance) available for the demographic area that you are purchasing in.Do you have a property that you are looking at?