Location, condition of critical systems, optional upgrades could all be categories with different rates.

@Steve Franco, you make a few critical errors in your calculations. 

But, many elements may be required to meet LL/Tenant laws, or were deemed "emergency" items that needed repair to prevent further damage, or were clear safety/health issues, where time is critical.

Like @Michael Blank said, capital is typically critical,  so its very interesting to hear how he got started and looking forward to hearing from others.  

That's not a criticism. 

It is critical to have a rock solid SOW or your project is doomed.

I have a 12 unit WW II era motor-court "motel" that I operate as apartments.I agree that it is critical to understand the municipality and retain a local architect type who knows the municipality personnel and the requirements.In my case, a change in zoning was out of the question as municipalities tend not to want to set precedent in changing zoning.

“It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better.

@Amie D.No, Amie, I'm not criticizing you for choosing to have a PM and letting them handle screening tenants.

I hope you did not overlook a critical hint from @Ashish Acharya:"If there was a way to treat the development loss as operating losses, you should do that."