And given the experience level of the note investor, this downside should be greatly alleviated, which is the value that they bring to the table.  

Any lower can be suspect, much higher indicates opportunity to improve NOI via value add.

I have excellent local contractors to do the work as well, and estimated repairs are around 15-20k keeping it on the lower to medium end.

If you don’t have a certain level of trust you wouldn’t jump into business regardless of how good the contract is. 

IE If they wanted to invest $10k, I might agree to pay them 8-10% once annually, or something a bit lower semi-annually, etc.

Market starts to swing downwards (lowering price) 3.

They had a lower credit score. 

It would just be interesting to see what debt load people justify for what level of monthly income. 

I live in Monroe, LA, which has over 50% of residents below the poverty level.

Assuming around 50% expenses and $840k PP you're at a 4.5 cap.I don't know your market at all but that doesn't sound like a great deal.It sounds like a brand new A class building so expenses should be lower though.You would need to get all of the actual numbers to really analyze it properly.