After watching the fluctuations of the last decade, I'm not sure WHAT to expect!

This factors in purchase cost, sell costs, holding costs, and fluctuations on the repair costs.

And banks may fluctuate between paying 75% LTV down to 70-65% where 20% down is pretty consistent.

We don't get the crazy fluctuations of the Californias, Colorados, ETC..Just my 2 cents..

Her asking prices fluctuate between $88,000-210,000.

From my vantage point, market fluctuations for land tend to lag behind home prices, particularly in today's climate and there's still value in desirable locations where homes are priced out.  

Not only do I have steady, but fluctuating income, lenders only care about what I make after I deduct all my expenses. 

In my opinion, it fluctuates with your risk propensity.

Since you want to finance this, you might want to look at how your debt service is going to come out of your NOI, leaving you with little (10% vacancy) to negative (18.75% vacancy) cash flow.Gross / Scheduled Rent-Vacancy+Other Income=Effective Gross Income-Expenses=Net Operating Income-Debt Service=CashflowI also wouldn't focus on individual month's numbers because they're going to fluctuate a bit and not looking at a rolling average can be misleading.

Gain experience, etc……I was chatting with a lender last week about construction loans and found that some handle permanent too, also that a commercial line of credit will keep my credit score from fluctuating should I decide to sell?