You're in Charloette completely different animal.

It really is a different animal. 

I have a few multifamily units so I do have some experience there and I agree it’s a different animal.

queens and BK are different animals than NYCMaterials in NYC are much higher priced, we did a small reno for a friend and went to a city lumber yard- it was actually a drive through, and we paid ove $8 per 2x4x8, which is closer to $3 in north NJBe prepared to pay a location premium the same way you would have when you bought the pace

Also a fresh coat of paint to the walls.

Last week is prorated for days stayed.No inside furniture outside, I will get a ticket.No parking on the front lawn, you will get a ticket.No stray animals allowed inside, you will get fleas.Take the trash dumpster to the curb on the collection day.That's it.We shake hands, exchange money and receipts.

All in all I agree with you, new development just seems like its a whole different animal, especially when starting out. 

This would be 2 coats of paint. 

It's just a different animal and from my observation these lenders tend to push much more to have a larger percentage of your portfolio with them vs residential Fannie Mae/Freddie Mac residential lending guidelines.However, to be totally honest, this is a rare scenario where the above is the constraining factor to you growing and taking on these assets/projects. 

If you can get more just by throwing up a coat of paint and replacing some fixtures, great.