I work with non profits that provide community based living services for individuals with special needs. 

It's a beautiful system based on value.Don't get blinded by just applying one number or a figure someone calls a "rule"

Definitely want to make sure that my bases are covered for sure..

Do some research into other rents in your area and come up with an estimated "market rate" for the rent (which would be your "pro forma" rate), and base the price on it.

My name is James Brown based in Utica New York.

We are also investors based in Melbourne and have found BP to be invaluable.Good luck with your studies and REI!

I would think your numbers are about right for this deal, based on the potential for growth and the new development starting this could be the right time to pick this property up however the numbers have to be right when you purchase, not when you try to sell.

They are a national asset based lender so their rates won't be as good as a conventional lender or a local portfolio lender, but they are not concerned with DTI or the property being held in a LLC.

@Derek Lacey is based in Indianapolis and could comment on that.

You're thought process seems to be based on what it would take to get the property (wrong way), instead of what you should pay for the property to make you money (right way).