Is this number more applicable for syndicated deals, or can it be applied to regular multifamily, commercial, and development deals?

If you were putting this on the market today and this guy applied, would you reduce the rent $300 a month and accept him?

Figure out the actual NOI and apply a caprate to it?

A lot of the contents seem to apply elsewhere so I'm trying to see if there're any NYC investors who could maybe point me in the right direction. 

Just generally speaking as I'm considering selling something that the above would apply.

Once complete, apply for an fha cash out refi.   

I am asking because I heard it was better to close near the beginning of the month so you can apply the rent to the closing costs if you want to, plus I don't have to pay my first payment until the next month. 

Do you think similar logic applies for a 10% down payment instead of 3.5%?

Let's say an obvious junkie applies for your $600 apartment and he has no job, no Landlord reference, a 486 credit score, six kids from five different women and two of those women are currently sitting in his 1984 Oldsmobile smoking hand-rolled cigarettes and offering services to any man that walks by.

The same applies for a deal.