While the easy explanation is that you have a superior property, from the appraiser and bank's POV, I could see them arguing that you will not be able to renew at that rate, and since your loan is outstanding longer than this lease term, they should not underwrite entirely to an above market lease rate.  

I've been using batchleads for over a year now and our response rate has been solid so I can't complain when it comes to data. 

If you get a good rate on a savings account, that rate isn’t guaranteed for the rest of your life.

Purchase price: $185,000 Cash invested: $45,000 Purchased as a primary SFH with low interest rate.

Conservative ARV is $350,000 and when interest rates decrease, it could be worth North of $400,000.

It honestly is the only way we can still acquire property in this high interest rate environment.

Look for a small/mid size local bank that specializes in this, they will detail what you need, survey, building permit, architectural plans and a builder contracted for starters.Or when you're ready to subdivide/redevelop you just sell to a builder and have them split the lots and transfer title to you for your smaller lot, he keeps the others and let him mess with the utilities and building. 

Trying to get the better rate at closing or general appreciation? 

If rate come down and  you refinance out of current loan, another appraisal will most likely be done again, no need to pay it twice.  

Ideally you do this if the rates are lower so you don't want to cash out refinance a property if the interest rates are higher than your current rate.