Only use this in new construction.

I've long loved the construction side of my job as an interior designer and I've spent most of my career creating spaces to either make people feel immediately at home (hotels and restaurants) or where they WANT to be home (multifamily & builder models).  

The driveway was never completed from the original construction.

@Josh Caldwell,This is what you are missing about Ames, Iowa: Industrial Property Tax Exemption – The Ames City Council has approved an ordinance for a partial exemption from property tax of the actual value added to real estate by the new construction of industrial real estate, research facilities, warehouses, owner-operated cattle facilities, and distribution centers.

I don't really expect there to be too many repairs for the FHA loan, if any, if I understand the FHA requirements.We do have a construction company and so should there be any repairs, we would prefer to make any repairs using our company.

We have experience with new construction and run an extremely ethical operation. 

Got tagged by th city and got post construction permits all according to the seller/agent.   

If you have something constructive to comment about I'm all ears otherwise keep your mouth shut.

Building constructed in 1980Present loan value appx $77k on a 15 yr note with 3.375% interestP&I pmt is appx $602NOI 2014 was $11489NOI 2013 was $5142      (spent around $4k on updates/remodeling)Appx $27k by my calculations of capital improvements needed in the next 5-10 years to increase the value of the property, properly maintain it, and keep it functionally up to date in order to attract higher quality tenants (located in a b grade area) (I'd rather have more invested to have higher quality tenants - have my own reasons for this line of thinking - willing to sacrifice a bit of profit to have good people)- Redo Kitchens- replace doors and all base trim/casing (more for my taste and would help the place rent out even quicker)- 2 escape windows installed for basement bedrooms- Concrete work needed on patios and near front of the house -- need to be done in the next yearProperty based on comps in the immediate area and a tight supply of decent duplexes here is $175-210k or so.  

The other option is a kaleidoscope of residential mortgages which just sounds awful, residential loans are a PITA to apply for.If they were in poor shape and this was going to be an extensive rehab and value added deal my bank would structure it as an interest only construction loan for the first 12-18 months.