FHLB 5 year rate is 3.08+2.25 spread (YMMV but it will be similar method of computing rate) so at least 5.4% I'd bake in 6 to be safe as these can take a while to close.loan fees--call it 12KClosing costs will be a lot more than 3K--you need an appraisal at least at 1500 and maybe more, you will need the partnership agreement drafted (welcome to lawyer land!)

I am working on a similar MF deal right now in Houston were the seller is either whimsical with their numbers or deceiving because of the lack of good paperwork.

Does anyone know a contractor who has specialized in mixed-use rehabs and has worked on similar projects in the area?

There is nothing wrong with putting in basic finishes that provide adequate quality of life to tenants. if you go to large apartment complexes, this is what most of the middle of the road ones do. if you do it in a home, you will probably get the same quality tenants paying similar rates.

@Drake EspenlaubI did something similar once i actually just decided not to do a portion of the project and the bank just based the refi on an as is appraisal.

Most properties need some type of updating, even if just cosmetic updates to entice renters, so you need to know what other properties that are similar are selling and renting for rehabbed, and that requires comps analysis and adjustments.

It is kind of similar to my situation right now:I'm in the selling period of my first real flip.

That is great that we have similar investment markets, we'll have to meet up and help each other!

@Charles LeckyIn regards to question #2 try this webpage: https://datastore.netronline.com/You may have to create a new account and password.

In regards to the comments about profiting from the HOA's, The HOA's are Not-for-profit entities, If you owned the property management company that won the owners Board voted contract to manage the property, that's an option to make some additional money but you can't make money off of the HOA directly.I would also suggest paying attention to your competition in the area, apartment buildings, What amenities are being offered versus what you'll be able to offer with your unit, what are they charging versus your all in cost to operate your property, etc. lastly pay close attention to the interiors of the condos and apartments in your market since you'll have to offer similar or a better interior depending on the other amenities with your property.