@James BynumWe have a similar issue with our construction and demolition (C&D) dumpsters when rehabbing houses in the "student quarter" this time of year.  

Absolutely no meat left on the bone.

He is also buying a new construction condo and selling his primary residence within the next 6 months.  

I know a lot of lenders don't like doing mortgages at too low of a price point (not enough meet on the bone).

It all started back in 2004, as a recent graduate working in the construction industry, I took to living in the basement of a SFH in Arlington Va where my older brothers lived as well as another roommate.  

If the home is being appraised as LTV should be post construction, if you are looking for a renovation loanI know this is probably not the exact answer you were seeking, but I think it should help broaden your play and help drill down the lender through a simple process of elimination, based on very specific qualifiers you define as it pertains to your specific strategy.

We are looking into switching to modular construction to shorten the construction process.  

Regardless of what I had I felt more comfortable in the construction busines.

It seems like SFH and MFH housing depends a whole lot on quality of construction and aesthetic appeal, as houses on the same street price and sell for such different amounts.It seems like a nice Quadplex would be nice, but there is an argument for a Duplex.

Only thing I can think of as a positive constructive step is sitting down and doing math.