Furthermore, even with borrowing at a higher leverage your COCR after debt-coverage is still a healthy +9-11% (from your numbers). 

And you should be cash flowing a little bit here in the Wichita market...We have a pretty healthy rental market here.

And yes there would be a signed contract that generally includes a healthy deposit and loss of it, if the contract is not completed due to backing out of the deal.

Basically, account for EVERYTHING that's going to take money out of your pocket and make sure you save some healthy reserves for any unexpected items that may pop up in the future. 

Finally, a good book should focus a healthy amount on people-- every situation is different because the people driving the situations are different. 

There are plenty of pockets in DC where you can find good valued properties that will also drive healthy rents in the multifamily space.Another way to "house hack" in the district if the multifamily space is to expensive for you is to purchase a single family house or condo with multiple bedrooms and rent out the rooms to friends/like minded individuals that you wouldn't mind living with. 

Keep in mind that as long as he holds the real estate with the loan... he doesn’t pay any income tax on the excess proceeds.Layer that with a healthy developer fee and a number of other tax benefits related to zero cash flow and Section 467, and these deals wrote themselves.

I will say that I think if you can find a way to put a smile on the prospects face then you have a better chance of getting a call. 

I do land development and as @Ian Ippolito states there is a market timing issue and the last 5 years just like just about any Re investment the RE gods have smiled on us.. 

Tenants don't prioritize keeping your property in good "health".I would evaluate where you stand in regards to large cap-ex expenditures and then you hold 1-3 years if you think the roof, AC etc will hold up.