This is not attractive - especially at a high 3.00% (pushing 4.00%) rate with no IO.95% of the time, this client goes for agency financing - but given the nature of this small loan portfolio - I don't think agencies are the right puzzle piece here. 

While I've done light to medium rehabs on my long term rentals, this is a pretty heavy rehab for a BRRRR project.

@Caleb Heimsoth the business is in Intellectual Property for a system to convert natural gas and carbon biproducts into nano-materials such as graphene.

Cosmetic updates including paint (inside & out), flooring throughout, some updated light fixtures and hardware.

As demand decreases and supply increases, we naturally see a decline in price BUT the graphs to follow show a steady demand for housing still and I believe that once people are able to get back to work and start borrowing again, we will see a fast recovery.With our phase-one/soft open coming up in only two days, I feel optimistic that we have seen the bottom of this economic slowdown and that we are soon to be on our way back up. 

Not sure where you are but for a good project manager the pay seems a little light at least in my area, unless this is a low cost of living area I'd expect inexperience in this hire, although with current layoffs you may get lucky.

A couple hundred dollars in painting, lighting, and flooring goes a long way.

Motion sensor lights, trail cameras, Simpli Safe, junkyard dog. 

I would take less equity but would have no preferred returns to pay.Having a preferred return to pay for 7, 8, 9, years means my cashflow would be light for an extended period of time. 

The below article and link to PDF outlines the “Positioning Pullman” effort:$56 Million Pullman National Monument Overhaul Has ‘Turned The Lights Back On’ In Historic South Side NeighborhoodPositioning Pullman 2.0-opt.pdfThere are plenty of great neighborhoods like this.