Otherwise they'll go nuts when your expenses have risen so much over time that you have to increase by a lot. 1% 0.5%, something. 

The average value of homes in this area is still below $50K and the percentage of vacant properties continues to hover close to 10%.   

Median age of 41, 19.2 min average commute to work, and around 3,200 veterans locally.

Conventional loans are "full documentation", meaning they look at all of your expenses and income using "Debt to Income" ratio for cash flow.

You want your accountant (tax preparer and/or bookkeeper) to understand how to classify your business items - fundamentally, there are just 5 categories of entries (asset, liability, equity, income, expense) and the transaction is booked as a debit or credit to the appropriate category.

@Michelle BackerI also live in an expensive location.

Just search the name of each and you will find a link to their calculators.Remodeling Calculator offers a detailed guide and calculator to estimate the costs for various aspects of building a house, including roofing, siding, windows, HVAC, flooring, kitchen, and bathroom expenses. 

Real estate is crazy expensive, as I'm sure you all know.

Way too expensive here and not ready to pull the trigger on first property yet.

If you have blueprints and enough information, I am sure a licensed appraiser can give you a better estimate of ARV.If I do a CMA and estimate it merely based on the numbers you provided, you are looking at an average of $3MM +/- 500K.