Conversely, I know of many buyers that actually speculate and purchase based on perceived end-of-project-value.

This is all clearly speculation on my part that will require more research and time to know for sure, but that is what got me interested.

If you buy this property, I see this purely as an appreciation speculation play and personally I don't think it is worth it. 

Lot's of supposition in the valuation/pricing from when I looked it a few months ago.

If we add that $14k to the after-tax cash flow, we are left with an all-inclusive after-tax return of 22.4%.In this example, we assume the value of the property will not go up in value one cent — which is smart because assuming is another word for speculating, and speculating is risky investing.

are the questions and I really don't know when and I think is just speculation.  

This is almost off topic, I could speculate all night.Don't take on any more debt and paying debt down can be better than putting more down on a deal.

I will order an appraisal or a commercial broker price opinion before going that far to speculate steep quick appreciation. 

Most of the residential notes we get involved with are secured by owner occupied SFR's whereas most of the hard money lending opportunities out there seem to be geared towards investment properties or flips that are currently speculative in most areas.

To do otherwise is speculating on future price appreciation.I did look into student rentals a year or so ago.