Comps are useful but they are always backward-looking and reflect past market conditions.

Verifying last 2-years of rental history and income/employment extremely important to find the “best of the worst”.Tenant Default: 20-30% probability of eviction or early lease termination.Section 8: Class D rents meet program requirements, often challenges to pass Section 8 inspection.Vacancies: 20%+, depending on market conditions and tenant screening.Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciation.Where did we get our FICO credit score information from?

You haven't discussed the condition of the property, repairs, and future capex.

•Site conditions: Will significant earthwork or grading be required to bring it up to code?

Not disrespectfully, but I did my own analysis based on actual condition, actual rents, actual market data.

If by saying I am "too off center" you mean equipped and conditioned by those with 1st hand perspectives, yes I am. 

For your first deal, focus on cash flow, location, and property condition, especially with small multifamily units.

A number of things, including changes in market conditions, and failure of certain contractors to satisfactorily complete their work obligations, led to the financial failure of CALM.Unfortunately, everyone, including myself as well as Mike, Steve and Karen lost money on this venture.

We will have to see what the terms and conditions are for this loan. 

One thing I wish I knew early on was that there are always deals, no matter the broader market conditions.