@Bruce Lynn sorry you have to go through this but very grateful for this platform to hopefully get you some answers and help educate the rest of us at the same time!  

Usually the interest rate is higher, and the 203k loan also requires PMI until the end of time. 

At that time, the remaining depreciation will be freed up and can be applied against my passive income that I make from the sale (but still not against any active income I make as a real estate agent). 

The in-place plumbing will overkill, so if over time you lock and shut down a couple bathrooms (so you have less to maintain), whatever. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Now it's stable, and time to take out the hard money with long term institutional debt.

Most will convert over time.

Cant tell you how many times that has saved us form an argument or at court!

That being said, I’m having a hard time understanding why your client is looking to estimate the NPV of his triplex.

marketing times can be 60 days ( quick) to one year or more.