At least that's what I do with my investor clients, and any LO worth their weight should.If this is a 3 or 4-unit property, now you are going to be stuck in that 203K loan for awhile.  

But he needs some warm bodies in his beds starting in December. 

Is it the old windows with led weight?

This is because the IRR considers all monthly payments in the amortization schedule even if they are different by taking weighted averages over time.

Lowes sells the Pella brand -- I feel they're not as well made.I pay about $170 per replacement window and I can remove an old double-hung window, remove the weights, insulate the weight cavity with rock wool or fiberglass insulation, and put in the window in about 2 hours each.

The Virginia Governor and both legislative bodies of the state government are now under the same political party and if they want to make Virginia more tenant friendly it will not take as much effort as it would of in the past.    

Especially dead bodies.  

Most of the windows that need repairs just don't slide like they are supposed to, the counter-weight system seems to be messed up in a lot of them.

I would look at what the trend of average rent increases have been in your market over the last 10 years, I wouldn't put as much weight in the last two because they were so unusual.

I will say it's not a bad downside scenario but if this is your base case, I'd pass.As for your question on how heavily COC is weighted...HIGHLY!