To me this is normal and not unusual. 

If I add the cost of the lot to my building costs , the number is $291,000 yielding a profit of $109,000 vs a profit of $54,000. 

So, from a capital appreciation standpoint there's risk there, and from a yield standpoint, it's no longer all that attractive because of the price appreciation.

I would probably need 100k or more for this down payment if multifamily or about 45k for apartment..or should I park it into a high yield savings, around a measly 2%3 Are apartments ever worth it?

At 12.00% annual yield, you would need to invest $600K. 

We call this concept the risk yield premium.

Talk about cruel and unusual punishment.

Unusual.  

It would be unusual to see an Admin + Management Fee. 

Landlords and yield maintenance, balloons and other CMBS loan requirements don't always mix :)