You have a little bit of a catch-22 going on here.Odds are you'll have to reach out to a HML and work through that process.And, not for nothing, but @Larry T. is most likely correct in his "not that great" assumption. 

Your assumption that everyone will use their liquidity to cover the shortfall is not valid.Remember, this mortgage is only earning 5.625% for the lender. 

The only two feasible options are to find a way to improve the expense assumptions by maybe having tenants pay heat, or plan on raising rent (it might be able to be raised by $50/unit).

Partner vetting, and finding deals in strong markets, conservatively modeled / assumptions and experienced team are important. 

You can't just make assumptions, just because you want certain things be a certain way.

These are added to the purchase price of the home to determine its tax basis.These are not added to the basisa) Fire insurance premiumsb) charges connected to getting a loan:1) Points (discount points, loan origination fees) - This is deducted over the term of the loan.2) Mortgage insurance premiums,3) Loan assumption fees,4) Cost of a credit report, and5) Fees for an appraisal required by lender.People generally use the county assessor's value to figure out the value of the land that is not depreciable.

Build you spreadsheet with the years going across and the down payment or reserve and assume a 20% ROI every year (assumption for basic real estate investing) compare it with what your assumption on the appreciation.

@Jeffrey HolstThis is what is so great about investing everyone has their own way to do their numbers and make assumptions.

If you've already gotten these quotes then great, but if those are assumptions, I would make sure they are correct.

I would be skeptical of this number and if you can, have someone else more experienced look at your assumptions.