We had a recent FHA quote with 3.5% down in the high 5%’s..What do you expect from the purchase and refinance markets if rates drop by 1%?

You also have to take into consideration this is a condemned building, so you will need to get permits for all the work you will getting done on the property, Also, given that this is SV and not a prime area on the west side your ARV will not be high.

On market, offered 30K below asking and got it How did you finance this deal?

I listed the duplex on Friday for $245k, we got 9 offers, and we sold it Tuesday for $271k.  

On market, multiple offers so had to pay above asking.

SBA lenders are confident the deal is lendable, but SBA rates at prime plus 2.5% are high, and I don't want to risk default.

It was fully flipped and we offered slightly less than asking.

Then make certain they can offer what you need. 

I highly recommend taking your deal(s) to your local meetup.

Borrowing from the equity must be done wisely, or you will have negative cash flow and beat high risk due to over-leveraging.NOTE: I use interest rates much lower than they currently are in 2024!