This is way too accurate.

It's really about finding those good contractors who can give you accurate quotes and timelines, as well as having an expert agent / broker who specializes in investment real estate and can help you identify these properties as soon as they hit the market.

How do you get even accurate numbers to run a pro forma? 

I've read through the General Plan and there is nothing else that broadens or limits this description that I can find.Generally speaking, does this mean that I should have ministerial approval to perform a condo conversion of these already-built-out units in the same sense that I would have ministerial approval to submit plans for a new construction condos if the land were still vacant?  

That might be a more accurate reflection of reality as well as enhance your returns. - Homeowner's insurance looks about right to me, but you can always get a quote to confirm. 

Based just on your DSCR calculations, it appears this property is significantly under-performing, or if it is operating well, then it is significantly over-priced.If your plan is to reposition the property, then you need a bridge loan or private loan to acquire and manage the property. 

Consult a Professional: Given the complexity and variability of these regulations, it is advisable to consult with a real estate attorney or a professional specializing in mortgage notes to ensure compliance with all applicable laws.For detailed and accurate information, please contact your state’s regulatory authority and seek professional advice.

of course you have to handle the inquiries… but it’s pretty easy… we’ve done it multiple times.Your 6% appreciation approximation is less than the 7% average return the stock market  does long term - and lately it has been blowing that figure away - though as they say - past performance doesn’t equal future performance. 

The higher the stakes (as in value, timeline or risk) the stronger lender profile and performance will be required. 

Look for feedback on their service quality, property management, and overall investment performance.