Located in eastern Iowa it isn't a high traffic area.

Here in the Reno, NV market multifamily prices are very high so it would be better to buy single family.

Below is a high level explanation.

Stuck in a blanket loan and the release prices are too high. 

If that is the case, then I highly recommend trying to stretch your capital across multiple deals vs putting more than the necessary amount into one deal just to cash flow more on that one deal. 

That's pretty high for an investment property in this environment.

Growing areas (population/jobs), sports teams, STR attractions, colleges, etc

Taxes can be high depending on what you do with the property after it's built. 

Is that 7.918% APR considered high in current market conditions? 

Most lenders will not approve under $90K to $100K because it violates high costs rule.