If not, I’d go baseboards and price it so the electric bill won’t be a big factor. 

Hi Aalaa - there are a lot of factors at play here and sounds like poor processes from the apartment company. 

You should generally get under 4% for 30 year fixed with 20% down, unless there are other negatives on your credit report or other contributing factors like DTI

As such, success will be determined by both internal and external factors.

The lure of loan forgiveness may also be a contributing factor.

Based on 2017 P/L 4,000 Total Projected Income $ 217,192 Less: Vacancy Factor of 5% (10,860) Management Fee of 5% (10,860) Adjusted Net Income $ 195,473 Operating Expenses: Utilities-Based on 2016 P/L (21,000) Insurance-Based on 2016 P/L (5,000) Landscape-Based on 2016 P/L (7,000) Trash Removal-Based on 2016 P/L (6,000) Marketing-Based on 2016 P/L (4,000) Professional Fees-Estimate (3,000) Repairs & Maint.

Typically in the multi family space the income of the property will qualify the property for the loan amongst a few other factors.  

I am waiting for the market to cool, either during the offseason or because of economy or other factors.

I think it's the former since land is already factored into the existing assessment, but I just want to confirm.

how did you arrive at a 5% vacancy factor.