At minimum, stage the living room and primary bedroom to give it some warmth.That said, have you thought about cutting bait and putting your money into a market where the numbers actually work?

That's the drunk driver saying the car just wouldn't drive straight. 

It is a older non rehab property but things are straight and roof, plumbing, electrical are all in good working order.

At the end of the day; you need more money to do something like this.MAX LTV on new builds is 80% LTC, Meaning if the build is $550,000 and Land is XAdd ($550,000 + x ) * .8 = LOAN AMOUNTYou would need to come in with MINIMUM 20% of the cost in addition to closing costs and reserves, $80,000 is not going to cut it for this project.

If I do this, my PITI would jump up to $3,090, really cutting into any cash flow and the interest rate would jump to 8%.

You can find ways to make more money, or find expenses to cut if you want to make your goal come to fruition.If you make $5,000 more per month, you can retire your wife.

The owners of 100+ unit complexes are not individuals who will be swayed to sell by a good offer or the need to cut short term losses.

I say we dump the deal but the other 2 partners want go ahead with it even though the lender has now cut our SOW budget from $65,000 to $40,000. 

that will cut out many of the "best" areas even in cheaper markets.- You can look into call kinds of economic growth and financial indicators as well to help narrow the list.- I've also heard of people choosing a market because the team they could put together in that market was the best team they found

Hi Leah, Why not just work with your current lender to cut the points?