And risk adjusted reward.Most wise people coming here are not looking for a pat on the back.

I would be careful in trying to pay off any mortgage in this market while property values in many states may see a negative adjustment in the next two years.

Given both the prices and the political climate on the west coast, it seems the way to go.Nobody can tell you that everything is going to be OK, but seems like you are being wise. 

What I'm seeing is a lot of newer investors and realtors miss pricing and not capturing the adjustment of the market.

How I see the numbers - and looking for feedback here$2500 for mortgage $700 for interest line of credit (is based off prime and adjustable monthly)900 for taxes (name of the game for playing in this city)$150 for insTo close to deal, to risky?

Make sure you work with your management company to determine how long it will take to complete the renovations.I'd say once you are below the market vacancy rate, you can start to raise the rents on new leases for a period of time to see how it goes and adjust back to the normal rates if you aren't able to rent the units at the newer rate.

We're on the edge of the spring market for colder climate cities, which includes Baltimore. 

If you adjust your parameters and look at other areas besides downtown you can avoid paying a premium which you will downtown. 

Also if you are showing a loss due to depreciation some loan underwriters will adjust for that.

But, in any case, I would look at any relatively similar sales and adjust accordingly, with respect to the Subject.