Your downpayment would be 25-30%, but if the property is being delivered vacant and needs some renovation, then a bridge these are 70-75% LTC with a 12-24 month I/O term. 

It can do better but it’s not apples to apples to say it’s a straight 2.5x higher on the revenue side without considering the increase in expense.

For context, similar products that don't allow second position debt would be in 7s/8s apples to apples. 

(could take 30 days or longer) If it doesn't pass then you have wasted a lot of time for nothing.If it does pass then you will have to WAIT for rent to be paid by the Housing Authority according to their local schedule.If the tenant turns out to be a bad apple, it is extremely difficult to evict.

I have few questions based on my below analysisEmployment outlook1) I see lot of companies opening their data centers (Switch, Apple, Rackspace).

One bad apple....Also, a prior poster was ranting about an HOA that was "fired".

I also want to analyze deals apples to apples to choose one that makes the most sense with respect to my returns.

Do one task at a time in each app so you can compare apples to apples.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.

@Ken Minard  You are mixing apples with oranges. 

Numbers are coming from the T12 - there is a large margin between NOI and the IO payments.