Can't Find Good Investments - Build Instead?

[Andrew Merritt]

I've been looking for good investments in my area (charleston, SC) since January and can't seem to find anything that will cash flow that 1) are in a decent/safe area or 2) cash flow according to my formula.  I feel pretty confident in my formula (which is conservative but not too conservative), so I don't think that's the problem. 

I've also considered flipping, but I just don't have the experience to feel comfortable w/ that.

Have any of you given up on finding something and decided to just build instead?  There is a ton of growth potential around here w/ Boeing, SPAWAR, and soon the Volvo plant and I want to take advantage of this.  If I were to build,  I'd probably want to do at least a duplex to get nice cash flow going.

Any recommendations?