Port Orange is expanding rapidly.

I am currently in escrow on a property in close Proximity to Randolph AFB, it has great value add potential and is a good potential STR or even long term rental since rents have been rising pretty rapidly in that area.

At this point, I've just been using the 50% rule for expenses, but when I get to the point of actually wanting to dig into the specifics of a deal, what is a good estimate for insurance costs, specifically in West Michigan (Grand Rapids/Muskegon).

YTD/current income always carries more weight

It's a great accountability item if your reach for nose-bleed rents on re-list and that allocated fund is rapidly going to $0, it tells you cut-it-out and listen to the market, adjust your pricing, get it leased NOW. 7 UNKNOWN unknowns: This is literally that, I call it "Plan-Z", some call it an "OH SH#T fund", whatever you name it, it's exactly that, an allocation for what we don't know like a moratorium due to a pandemic, just sayin. 

In addition, the area I purchased is growing rapidly.

And if they are individual residential properties (4 units each parcel), then the income approach will typically hold significantly less weight, and in my markets, the income approach will hold very little weight.

In short, they put more weight on the performance of the asset versus a residential lender.  

Things started to change rapidly for me once I scaled to 5 units.

@Hai Loc the property has appreciated by around $5K in the past 6 months; the area I live in is appreciating in general quite rapidly.