I anticipate costs will be around 200k.

I have not done too many deals in your market, and I anticipate things are nuanced depending on the property type and condition and based on the personality of the owner....BUT it is common and customary in my world, which is usually retail/med office, for tenants to have at least some time of free rent during the buildout.We usually structure things as follows, and you can change the number of days around but this is traditionally what we at least shoot for when we have a tenant we are repping.- Lease commencement date is to be the 6/1/24 or when the landlord's work is complete. and we traditionally have penalties in place if the LL's work takes too long and pushes us past our initial timeline.- then we typically have "rent commencement" or when you start paying rent, to be the earlier of either 180 days following lease commencement or when you are open for business.  

Again, be careful about purchasing a STR property in Wilmington with the anticipation that the rules have been stricken.

These rents are still below what was anticipated, but much better than Douglas was doing.

These challenges resulted in higher-than-anticipated tenant turnover and increased maintenance costs for many properties, including those in our investors portfolio as well as our personal portfolio.

The math will tell the tale.When analyzing, assume little/no appreciation for 3-5 years and anticipate rents will stagnate.

It might state you are applying at ABC Bank for an 80% LTV loan with up to an 8% interest rate with a loan of $XXX,XXXSo, if you don't qualify for that loan, or you cannot get the interest rate stated, or maybe the appraisal is too low to an 80% LTV loan for that amount then you can break the deal because you can't get the financing you anticipated but instead you are CHOOSING (based on advice of the loan person) to switch lenders.

$4K per month is what I anticipate my monthly expenses to be, with mortgage, utilities, etc.

I have seen a few houses go for way more than I would anticipate anyone to pay. 

Given the slim cash flow from the property and the uncertainty about the new mortgage rate, it's understandable to be contemplating whether to hold or sell.If you anticipate further growth in the market, holding onto the property could be beneficial in the long term.