There are situations where we will put more emphasis on the value add potential than the cash flow.  

They will want to know about your other projects and your global cash flow.In my 27 years of commercial originating and underwriting, I have seen many cases where borrowers were individually so strapped with personal or other debt they had to take a draw from the subject loan resulting in the cash flow tanking.

@Charlie Vollers , sorry, I didn't mean to put all the emphasis on scrape & build new duplexes, to be sold as "half-duplexes".A landlord that owns the full duplex (might be 50 or 100 yrs old) could divide the deeds and sell off the halves.

The do look at previous income but it's not a totally "global" approach that most banks take.  

@Cara Lethco something that most people put too much emphasis on is price.

Or what if global warming/wildfires are worse than predicted, or a major employer leaves the area(think Kodak/Rochester, car manufacturers/Detroit, etc.)

Globally all income will likely need to be 1.4x all of your debt payments. 

I'd like to see more emphasis on partnerships between ISU and the DSM area, perhaps technology transfer, etc - with an effort to diversify the economy. 

It is providing society with a much needed service, providing safe, clean,  and adequate housing, emphasis on ," SAFE".I would also check with your local building department for what might be considered code violations.

How will the possible impeachment of a US President and US Supreme Court Judge impact the stock and real estate market, not to mention the global economy?