Current rent rates for all 4 tenants are well below market rate because of the condition of the property.

With less competition, if you have good theming and design then it'll be easier to charge a higher nightly rate and keep your property full which will make it more profitable.

In calculating the Net Present Value of the investment, what is the appropriate methodology to use in arriving at a discount rate?

To make wise investment selections, be aware of area trends, rental rates, vacancy rates, and property valuations.Keep in mind that investing in real estate is a journey, and there will be obstacles to overcome.

The rate will be high but you won't have to provide any income documentation or leases. 

Scaling with Class C SFHs in the Midwest at these interest rates is going to be a slow painful process to achieve wealth. 

It is just rate and terms refi, so we can increase the construction loan amount which will be taken on draws. 

However, I found a 15 unit portfolio for less than $4M that I can potentially assume at its current 5% interest rate.

First the local housing market is booming and due to a housing shortage and these low interest rates real estate prices keep climbing.

As higher interest rates keep deal underwriting difficult, the bid-ask spread continues to be elevated.