If the community votes to restrict rentals then investors may sell but values may rise over the long haul as lending will be easier to obtain for owner occupant buyers (assuming a low about of fellow investors in the community).

That might be a local thing since there are occupancy laws here that stipulate how many people live in a unit which requires us to include everyone on the lease. 

I will live in the property until I have filled my FHA requirements for occupancy.

I use 10%, but I don't have a large enough sample to know if that's right, and most of my units rent for less than $600/mo.Make sure you count up all the taxes carefully as well, including occupancy permits and various other ordinances that exist in the Pittsburgh area.

How long have tenants been there as compared to turnover for stability of servicing the mortgage and find out the breakeven occupancy level for your purchase price and mortgage rate and terms.Now you said you factored 60% off because landlord pays water trash but the numbers are off.If 50% you would go X .50If 60% costs you would go X .40 ( 60% costs ) = 26,352 X .40 =10,540.80 NOILet's say 10,540 annual NOITake 10,540 / 145,000 = a 7 capSo it looks like you went the other way doing your calcs.26,352 X .60 = 15,811.20 which is your annual cost and NOT the NOI.On these properties you need to see how the other landlords treat their buildings which will impact ongoing cash flow and quality of tenants for you and resale value.

You can look at the annual rent revenue and divide it by the gross potential rent, to get an idea of what kind of economic occupancy the seller has attained for the past few years.

I wouldn't say my project is ahead of its time and there's no reason to discount the amount of money saved and earned by getting to occupancy faster, having less overhead and less general conditions overall. 

Make sure the Use Occupancy Permit is approved, and the prints on record match that permit.

Competitors- What are their rates and their occupancy?

They do exist, but those types of deals are usually snatched up by owner-occupants and they run the price up too high.