See if you can find appraiser adjustment rates online.

It's like analyzing a stock but they use different metrics like funds from operation (FFO) and adjusted funds from operation (AFFO) Different REIT's invest in different areas of real estate, some do mortgages, some do retail shopping centers,malls,warehouses,offices,residential,storage-many different areas.

@Cyntnia Brooks, a few adjustments I'd make to your expenses:CapEx and Repairs will probably be closer to 15% combined.Figure 10% for management.Water looks low.

The Insurance company was pretty easy the adjuster came out soon after the fire.

Have you thoroughly gone through the numbers with a loan officer and tried to adjust things to see if there's anything else you can do to qualify?

Thank you as always for your thoughts Adjust your plan of attack man.

The interest rate choices are:* 3 year adjustable 5.99% and a 5.99% floor (based on Wall Street Journal prime rate + 0.49%) Payment will be aprox $5055/month* 5 year adjustable 6.25% and a 6.25% floor (based on Wall Street Journal prime rate + 0.75%) Payment will be aprox $5160/month* Accrued interest will need to be paid at closing on the construction loan, if no changes $3011.63 as of 5/31/19(this would increase if the $10,500 of undisbursed funds are disbursed.)

I hired a home inspector about 2 months in to get their take and made adjustments. 

Personally I think you can find markets that have great appreciation and cash flow (and more favorable business climate and less punitive landlord laws) but just like people opt to live all over the US for their own pros/cons reasons, people invest all over as well. 

My bank got me approved for WSJP+2.00 (7.50% fixed) for 3 years, rate adjusting every 3 years to the current WSJP plus 2%.