i agree that a new purchase at 75% equity will typically not have significant cash flow and may even be negative when properly allocating for all expenses.Investing to max equity without reserves is risky and you indicate would result in stress.  

While those inquiries might not result in tenants, they can still show the property is appealing and could be an indicator of future traction.The listing itself looks great.

The spread between what they're paying and what the market rate indicates is not that much.

At this point I know their income is sufficient, they have indicated they dont have a criminal issue, bankruptcies, and evictions. 4.

In addition, modest increases that take cost of living and other indicators into consideration is a reasonable way to assure longevity among tenants.  

Because the volume of deals done in the group indicates they might be overpaying?

If 85% of the units you are looking renting for around the same rate, surely that is a good indication of market rent.

It's important to find out.But for now, let's assume that the property is worth $63 million as @Jason Piccolo indicated above and the loan balance is $59.8 million. 

Having fewer but better properties will be more profitable in the long run.

When January comes, you will have two disadvantages:- you will have missed on the end-of-year planning opportunities- some of the most highly sought after professionals will be full and not taking clients anymoreAnd the longer you wait, the fewer choices you will have.