And the headache factor of three doors is very low compared to the planes, Mercedes, 1031, and other items mentioned in the thread.

When you're all considering calculations.. do you factor in the leasing fee (typically around 100% of a month's rent -so on a monthly calculation it'd be 1/12th of a month's rent assuming 12 month leases) in addition to the PM monthly fee, too?

What that is depends on a number of factors not mentioned here.What are the terms of the loan?

If it was a large out of state apartment complex I may feel differently depending on all the numbers and factors. 

You really can’t manipulate health and army factor to move. 

You need to factor in vacancy, maintenance etc...

Yes a conventional loan is cheaper but when you factor in the opportunity cost of the deals you will lose then hard money doesnt look too bad. 

@Nick ColvillI don't have extensive experience on the commercial side but I do know that each lender will look at 2 main factors when evaluating a commercial mortgage loan - The LTV and the Debt Service Coverage Ratio.

If you domt mind me asking, what factors allowed you to pick the zip codes you did?

Them leaving in the winter leaves you SOL in the crap season for finding a tenant, so factor that in also.