Until I find my deal, I have been analyzing deals daily from the mls to get a feel for what numbers work and don't work and one variable to my analysis is vacancy rate.

@Andrew Fluder Hard to make a general statement here as there can be many variables to fit an Investor's specific needs and I'm not sure what yours are. 

Ok, by leasehold you mean, variable lease structure?  

@Karl McGarvey there is nothing illegal with having a variable cleaning rate.

I'm still not big fan of leasehold properties due all kinds of risk variables.   

That's why there are so many variables. 

There are just to many variables, but Mr Teachout's estimate would probably get you in the ballpark as long as there are not too many extra obstacles.

You're introducing more variability into an already variable market/ project type.

We have an option through PenFed for a 30 year credit line at 90% LTV (about $275k) with either variable 4.75% or fixed 5.5%. 

For accessing capital I still like the option of HELOC on a primary residence, because although rates are variable and definitely going up (probably will stabilize around 8% depending on your lender), you only pay interest on the $ you've drawn so you can evaluate on a case by case basis if the deal is worth it.