Something to consider along side the monthly rent numbers is average tenant duration and vacany duration for the area. 

However, you need to look at what the cost of money really is compared to refinancing all the time...what I am hinting at is, it might be better to stick with the hard money loan over the duration of the rehab if you plan on turning it around quickly.  

I would compare over long durations (multi decades if possible) so as to span several RE cycles.

It's a better representation of performance over an investments duration.

It also allows you to put tenants in the property that you have chosen rather than relying on someone else's choice of tenants that you may be stuck with for the duration of the lease.

Do you buy and hold for the duration?

As an agent you know (and if not, you need to measure) the duration of a typical retail transaction from the prospect receiving a marketing piece to closing on their sale/purchase. 

Plus you get piece of mind knowing your sewer line is going to be problem free for the duration of your ownership.

I can also adjust the duration or the term of the loan if the applicant can’t repay or need the loan for a longer period of time.5.

Once the borrower is first in with say 20-30% of the LTC the lender comes in and back-fills the remaining construction for the duration of the project.