So for example I'm very conservative and don't want any debt on them because I feel this hardens them in case of a severe recession.

The covered parking area and patios should have adequate drainage to prevent water accumulation and potential damage.Investment ForecastPurchase Price: $849,900Total NOI over 10 years: $308,782.13Year 10 Value: $1,256,336 (based on a conservative 4% appreciation rate)Annualized return: 6.30%ConclusionWhile this property is poised for appreciation, sustaining it over several years for substantial returns would require substantial financial resources due to high debt servicing costs and negative annual Cash on Cash (CoC) returns.

I'm being extra conservative right now, which is becoming a challenge on finding properties but I'm willing to do that then get in over my head.

With a free and clear rental property and a solid equity position, you're well-positioned to leverage that equity effectively.Evaluating Your OptionsCash-Out Refinance:Given that you want to maintain a conservative leverage ratio of 50%, pulling out $110,000 from your property makes sense.

There is a Conservation easement, there is a historic view easement etc. 

To be conservative, assume 0 or 1%Property manager: 9% plus other one-time cost.

Purchase based on feeling very confident and conservative about the deal.

It’s especially advantageous that your construction costs are lower due to being a builder, which really boosts the overall profitability of the project.The numbers look strong, especially with a refinance at 5.9% the $24k net after expenses and $12k yearly pay down show a solid return, even with conservative estimates.

My estimate of 15% always ended up being higher, but hey, what's it going to hurt to be more conservative.

Section 8 requires an initial inspection of the property, in addition to any other local housing conservation inspections that may already be required depending on the municipality in which the property is located in.