These are also conservative projections (if they're not conservative, I'd say to avoid investing with that Sponsor), with good Sponsors often exceeding them.

I’m projecting 9.6% to be safe but would like a real world point of comparison.

I always like to do this just to verify that the pro forma and projected rents are realistic.  

Looking for a good commercial lender to work on this deal and potentially future projects as well.

@Jeffrey H. ok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

@Kurt Jonesok so here is the numbers from the OM that the broker furnished to me: ESTIMATED LENDER ACQUISITION COST:List price: $1,175,000 ( @ 28 units = $41,964 per site)Buyer requesting Down Payment of 30% = $352,500Projected Lender Financing: $792,500 @ 5% FIXED 30 year AMORT with a 10 year DUEINCOME, EXPENSES & CASH FLOW:Actual 2016 Gross: $212,752Actual 2016 Expenses: $95,915 (45%)Actual 2016 NOI: $116,837Projected Lender Debt Service: $57,494Projected Net Cash Flow: $59,343FINANCIAL INDICATORS:Cap Rate: 9.16%Projected Total Cash Return: 18.96%PROPERTY DETAILS:All age park28 Homesites# of Park Owned Homes: 28 (100%)Occupancy: 100%Utility Reimbursements: NO2016 INCOME AND EXPENSE ANALYSIS:Total Net Rent: $212,752Total Operating Income: 212,752Real Estate Taxes: 4,054Property Insurance: 5,524Utilities ( all lumped into one total, broker and/or seller did not offer it broken down individually ..yet): 30,658 Payroll & Benefits: 26,225Maintenance & Repairs: 2,058Administrative/ Office: $26,668Advertising & Promotion: 728Total Operating Expenses (45%): $95,915--------------------------------------------------------------------------------------Net Operating Income: $116,837The screen shot copy of the rent roll excel sheet i am waiting on further explanation from broker in order to determine how to interpret all the acronyms that the seller put in it so i can begin to figure out the rent roll for that month.

My agent could set me up with contractors or whatever I need, but I have no idea how to project costs.

We were able to tap into some gov't-backed low interest loans because our banker knew we were thinking about some construction projects around the same time he was sitting on excess funds.

This is my first project - talking with a seasoned property manager in town and several others, they think I'm too low on rent. 2.)

Most cases I will usually require about 15K to finish the project and then get an equity partner for that 15K.