You would do better by developing a ongoing relationship with a mortgage broker rather than a specific lender.

@Jared Carpenter Is your IRR based on best-case scenario broker math?

You will need to do your own due diligence when figuring income and expenses and should get what is expected off of that.In Wichita we haven’t had a commercial information exchange (CIE - the commercial version of an MLS) so loopnet and broker to broker info exchange is how business has been done.

So the broker said let me tell you the whole story then.

Check on Loopnet in your area to see if the price is inline with what others are asking for the same class, per foot, NNN or not, etc.It's definitely harder than a SFR but doable.Send off an email blast to 5-10 long time commercial agents/brokers in the area and ask their opinion on what it should rent for and see if several of them key in on the same close range.

If you can do 4-5% down payment and have a decent credit score, most local lenders (mortgage brokers, credit unions, local banks) will be able to offer you a way better (overall) deal than an FHA loan.

By sending out mailings, we would get a result better and faster than what our local brokers are able to achieve. 

You'll need to find a good mortgage broker with VA experience to figure out exactly what would qualify as an "upgrade" for your area. 

They are not acting as a broker and they are not listing the homes for sell or acting as an agent in any way. 

Search the forums to find some mortgage brokers in your area and reach out to a few to start learning about the whole process.