And only 1 of them is of a known brand (American Standard) and it's close to $700 and has a 1.28 GPF rate, which I don't like - prefer 1.6.  

Let's not belabor the point, but Worcester's commercial tax rate is directly shaping what gets built in the city.Sure, you can spot all the shiny new residential developments in Worcester, but where are the hotels?

Florida insurance rates are through the roof so that that into account.You might want to consider the Myrtle Beach area which is very popular for tourists.

This means that many hospitality properties need to refinance their debt at significantly higher rates in an environment where local and regional lenders have been pulling back.In this podcast with CEO Greg Friedman of Peachtree Group, a private debt and hospitality private equity firm, he states that many hotel projects got shelved during the pandemic and that is bringing on an undersupply situation for hotel properties. 

In this discussion, we all agreed that for one property unit, the expected rate will be 10% and then it can decrease as the client adds more units or volume.

The property comes with one unit occuped and they are paying below market rate.

With interest rates so low we have refinanced into several 15 year mortgages with the goal of quickly paying down/off a few properties.

Alternatively recognize the challenges of being cash neutral at high LTV, the benefits of no longer paying a LL rent, that rates may lower such that you can refi, that over long term there will be appreciation and rent growth so it will at some point have positive cash flow, etc and lower your initial goal of cash neutral. 

Rates range from 8.75-9.2% but I know you'd need more information.  

Wisdom is knowing which is which.We do something a little bit differently, we buy "off market" and take over thier loan & we expect to get low interest rates and equity up front like this.