I have gotten a seller's credit for my 3 existing units but to be conservative, I will assume I am paying full closing costs here.At the moment, I have ~$25k in a HYSA and expect to save another $10k from my W-2 before I start putting offers in.

. -- Unincorporated counties -- historically, the more conservative, skeptical-of-regulation type of government bodies -- have clamped down.

My underwriting is a bit more conservative than yours (and yours is more conservative than most I see).  

Look for properties where you can add value with smart, targeted renovations rather than going overboard.Financing Strategy: Since you're aware of the leverage risks, keep your financing options flexible and conservative.

Make sure to analyze cash flow, including conservative estimates for vacancy and maintenance.Indianapolis Market: Indy has solid multifamily options in neighborhoods like Irvington, Fountain Square, and near downtown.

I am definitely conservative and plan to keep my job until the REI cash flow is proven for income.

I believe ARV will be higher than this but starting at 800k is a safe and conservative number. 

Lastly, make sure to rework your numbers on the conservative side. 

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

Am I underwriting conservatively, accounting for higher interest rates, inflation, and potential market softening?