Some of the other lenders mentioned in this thread are more so private lenders / hard money lenders and while they may underwrite based on DSCR, I don't think it is the DSCR loan you are looking for.

So you went based on pricing.3.

This year I may see if if I can get a construction loan to build 20-30 apartments, then refinance with an asset based lender. what markets?

Often times, there's houses or land worth $500k listed with an opening bid of $30k which is a fantastic deal; however, if you were to win the auction, there may be multiple liens and $100s of thousands of hidden fees that you have to pay at once (based on what I read online).

I will definitely keep in touch with you Nick and I appreciate you reaching out.

What is the $1,700/month based on, and which neighborhood is this?

Based on your down payment budget ($40k-$60k), at 25% down, you’ll be looking at properties in the $160K-$240K price range.

They didn't pay for it, so they don't take care of it like an owner.Before you make assumptions about costs based on a seller's contribution to improvements, find out what they improved? 

In Oregon for instance unless your doing a PUD open space cannot be required and you MUST create lots to specified zoning density.. in other words if your zoned 5k sq ft lots U cant ask for 7500 sq ft lots you must be within 10% of the base zoning.

Or, you could ask for a rate quote based on a range of credit scores and you can figure out what they'd charge you on your own.