You’re in a challenging MFR sector where comps are sometimes difficult due to the lack of volume of like properties.Connect directly with the appraising party, professionally challenging their quotes and see what you can come to an agreement on.

Appreciation is almost certain in Singapore due to the lack of space available and continuous government funded value add projects.

I am just lacking the capital to tackle larger projects on my own.

What I lack in capital I'll make up for in sweat equity while balancing my full-time salaried W-2 job.

But it’s more likely they want an excuse so they don’t have to take any action  Secondly, as a wise BP member once said “What makes you think you’ll have the courage to invest during a recession if you lack the courage to invest during a history making economic boom?”

That will save you some time and should provide you with the structural scope to ensure you are getting an "apples to apples" bid from restoration contractors.  

But lack the funds to use FHA 3.5% DOWN.

There is a lack of affordable housing in that area and they are slow to approve any major development. 

Is the reason one unit is rented out because of the neighborhood, lack of management or another reason?

And even with the decrease in market share now to 15% from as high as 50%, CMBS is still an an option and has not disappeared completely because of the lack of financing sources that offer a 10 year loan term, fixed rate, 30 year amort, non recourse (which is huge) and certain interest only periods (which is also a trademark CMBS feature) and also CMBS is willing to lend in secondary and even tertiary markets.