Conversion rates also change over time.The answers to some of those questions would help point you in a good direction.

To my great surprise, this was not the case.Additionally, the estimate for my tax preparation for this year was approximately $1,000 over the cost I paid last year (including the time I paid for them to correct their errors).

This property is in the next state over from me (only about 90 min away) and is a 5 unit, therefore I'm looking at a commercial loan. 

What caused you to (likely) lean that route over all those other options out there?

I agree with Alecia about only screening people over 18. 

Small (1700 sqft or less) medium (1701 -1999 sqft) and large (2000 sqft or more)Cost benefit analysis Estimates IF 300+ homes are built over 10 yearsAlot of technical information to say that:- When I start development, i will be going into uncharted territory. - New construction will be comped against other new construction - Start out with enough comps to justify the price point- keep the area tight to consolidate the risk vs building one or two in different parts of the same neighborhood. 

Quote from @Pixel Rogue: Personally, I think you are over-thinking this.

Lot of time and effort squabbling over 5k geesh..  

Better to spend $60-80k for a conversion than over 120k.  

As you mention, if you are using hard money yes you are paying more in interest and if you hvae the cash I would recommend using cash over hard money due to the high interest rate that you are paying.