IMO, you need to be underwriting to IRR, not CoCR ... your market does not appear to even keep up with inflation, so great looking CoCR is not likely to look so great in 10+ years.

The franchise owner has a strong credit history has over 20+ stores and the sales of this location appear to be strong.

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The crack appears to be filled.Would this crack scare you away?

Have a talk with you insurance agent about this property, some companies inspect the property while some don't, you might choose to work with those that dont inspect as from your post it does not appear that you are looking to put any money in repairs...

As a novice the rental markets appear extremely strong.

Right now the most likely path appears to be finding a local portfolio lender to do the loans, or refinancing several properties together into a commercial loan to reduce the number of loans down below 4 and getting another conventional loan.

This doesn't appear to be your case though.Appraisers use a gross rent multiplier to determine the income approach in small multifamily properties.

I found what appears to be a fantastic fix n flip opportunity that, at least at first sight, outperforms the 70% rule.

Hi @Ray Lai For yellow letters, although the envelopes are printed, they appear hand-written.