I know that what you build would be new, and likely nicer, but it would seem difficult to compete with the price someone could charge for a renovated property.

With more “fha approved” competing condo units available, the “premium” for the currently approved condos will shrink of course....but how much of that will be the non approved ones rising in value and how much of that will be the currently approved units units decreasing in price due to now more “approved competition”.

@John Bianco is highlighting that essentially you’re “buying your rate down” @George Liu you’ll have that flexibility with any institution pending you’re dealing with a competent LO/broker.

If you are not experienced get a competent PM, it is 23 units after all and they have systems in place to deal with the property.

I would offer a higher price than most all-cash buyers competing for the same property,  typically the higher purchase price wins the game.  

If the owner is not competent to make decisions and hospice is a clear indication that they may not be.

There are also major players from Atlanta I work with.

Yes, this is completely possible but you will need to work with a very competent Loan Officer.  

It may be that my expectations for how accurate I should be is unreasonable, but accurate ARV's have to be one of the keys to these iBuyer flippers that we have to compete with.

@Gary Boggs I would recommend going to a local meet up and see what some of the players in your market are doing.