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Conversely, what is the best case scenario?  

Conversely, if you want to get into assets with some "hair" on them, but potentially higher yields and you have a tolerance for some risk, then a non performing note in the low price band could be a good place for you.

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I don't have data to support them but am interested in the conversation.

Affected tenants must receive notices at various stages of the application and approval process.124 Thesenotices are designed to allow affected tenants and the public to have a voice in the approval process.125 Tenants can check with local elected officials or housing agencies about the approval process and opportunities for public input.Perhaps most important, affected tenants must be given written notice of the conversion to condominiums at least 180 days before their tenancies end due to the conversion.126 Affected tenants also must be given a first option to buy the rental unit on the same terms that are being offered to the general public (or better terms).

I would definitely dive a little deeper into that conversation with your lender about that grant.