The cold air often runs out in the summer and the heat doesn't turn on in the winter.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

I also found that being at "market" rents it takes longer to rent therefore missing out on a month or two of income negating the ROI on improvements.

From the sentiment of your post it seems like you're viewing the buyers as strictly investors when they may lean more towards traditional homeowners looking for a quality of life improvement or an improvement on their current financial situation today.Let's say the buyer pays 465k and has a 5% interest rate.

Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements. 

We're improving units, management efficiencies and bringing rents to market value.

@Dennis Bragg, how did you factor improvements and market appreciation into the buy-back price?

With things like the ONE Linden plan in Linden, which is a 50M plan to improve the neighborhood.

I hope things continue to improve for you.

As for the project, I assume Current is doing the horizontal development and will sell the improved lots for vertical construction, is that accurate?