Im looking at 2 options right now, one is a complex of 4 and the other a complex of 5 (putting it into the commercial category).

IF the 15 unit complex is truly a deal then I would connect with others in your area who are interested in this type of project.  

For instance FHA will not lend on non-warrantable complexes.

Your spreadsheet has a 5% option fee and a 10% increase in option price from original note principal amount.Also, not sure how others on BP would opine, but a $50k property where $10k will make it a $100k property, that would be especially sweet (and unusual!).  

I'm looking to get to know some commercial real estate brokers in North Texas who specialize in apartment complexes.    

I have five properties and am interested in expanding my portfolio in the West Philly area, preferably with multi-family and apartment complexes.  

The victory is a little bitter sweet though, as our lead funnel has been dry for quite some time now.  

It is a very nice apartment complex and HOAs are high.

I'm dealing with small town rural situation but lots of growth potential and I'm wondering if it would be worth it to build a new apartment complex to appeal to the highly educated well-to-do to set the business apart from the complexes built in the late 80's that is the only thing available and possibly only SFH available for rent. 

Get comps by CraigsList, Zillow and mystery shopping at the big complexes.