You'll want to take a spreadsheet and create a list of all properties you've purchased...particularly in the last 36 months and include the address, lender, purchase date, either rent you receive or disposition date, how much you sold it for, how much you rehabbed it, etc.

In light of that did the developers wind up getting a pretty decent deal out of this after they took a big risk on a property with crazy restrictive zoning and no clear path forward prior to purchase?

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

You could also purchase below market value. 

I am purchasing my first rental property (multi-family) unit in Salisbury North Carolina. 

There is a lot of news around how multifamily is in trouble with ARM's and overpriced purchases in 2025.

I have an Acquisition Analytics service for Business purchases that are under $5mil in revenue, that I do with my Bookkeeping Firm.

I am new to real estate investing and purchased my first LTR November of 2024. 

Is this LTV based on ARV or the purchase price? 

Purchase price: $137,500 ($44,000 in to the property... loan at $101,000)Appraisal: $180,000   ARV: $195,000Est rehab cost: $7,500Scenario #1: 75% LTV cash out refi at 4.25%...