I may alter the plan but that’s the goals as of now.

The condo board wants the higher of 3% or $6000 as an alteration fee.

A pre-ordinance (built before July 8, 1957) residential building or building of mixed residential occupancy, not complying with the requirements in force and applicable to the building at the time of its conversion, may be altered so as to legalize one dwelling unit, in addition to the number of dwelling units originally authorized, providing that said unit was determined by the office of the zoning administrator or the zoning board of appeals to have existed prior to July 8, 1957, and provided such building complies with the other provisions of this chapter.

This is generally minor alterations. 

A: The ADA does not require covered entities to modify policies, practices, or procedures if it would “fundamentally alter” the nature of the goods, services, programs, or activities provided to the public.

@Matthew Keeney , it's nice you're concerned about their well-being but you're probably not going to be able to alter the path. 

Here are the LTV hits for investment properties, and the letters "N/A" next to 10% down should let you know the odds of negotiating that:The 'hits' above are in discount points, not rate. 0.125% to rate translates to 0.35 to 0.75 discount points typically.

One of the surprising parts is price, ranging from 6000 RMB-18000 RMB for 140sqm - 200spm, this translates to $950-$2812.5USD/month for rent and the purchase prices being around 1,500,000 RMB - 8,800,000 RMB or $203,000-$1,375,000USD.

Would you alter the underwriting to exclude these homes when determining the value?

Someone's experience in one area doesn't necessarily translate into what you will deal with.One way to get local info is to drive around and look at in-progress projects.