I dont expect to apply immediately since my chances of getting approved is slim.

They are well secured, so IMHO,  your chances of negotiating the arrears down are slim.

Remember to protect yourself, and if your state has a contractor's bond (performance and payment bond in the commercial/government space), this is the time to use it, to weed out contractors that think they can outsmart you, if they agree the 11k, the margins are really slim and there is no room for error.

in my opinion that is a slim profit, very little room for error, but if you are fine with it, good.  

Always remember if another market crash happens most likely rents will go down your property value will go down and this cap rates you have will be very slim. 

. $20K a month in 10 years is a great goal. 60 - 75 units may be slim for $20K a month especially if your utilizing property management.

There is a huge lack of comps in the area, slim to none.

However, I am also a person of reason and the reality of the state ever finding out about it is slim to none, so I say carry on. 

To answer your question the chances of lowering the price are very slim against the bank if you don't have a solid case.If the price is too high for you, probably is, thing is when you level houses it is a whole can of worms after and you must have a good cushion so you can make a decent profit at the sale.Always balance price vs condition of the property, you should be the one making money not the bank or the contractor!

If you were happy with the initial bid, I don't see a need to check again as the chances the contractor fleeces AND the consultant missed it are slim to none.