Build Multifamily or wait for pull back?

[Mitchell Miracle]

I have been looking for deals in the central Florida markets for months with no luck. I currently own a triplex and quad in Ocala and would like to buy more. The market, like many, is exploding. Low low inventory means no good deals. I have tried driving for dollars and cold calling owners with no luck. Heck, I got 4 cold calls in two weeks myself on the properties I own. So, I am considering building. I have the lots under contract and can build 2 duplexes per lot for a total of 8 doors. 20% down financing at 4.5 for 20 years fixed (no ballon in 5 years). Numbers look ok: 1,000,000 build. COC of 9.0%. Cash flowing $208 per door after all expenses and reserves. All looks great. My only concern is will there be a pull back? If so, do I wait and buy then or move forward. I am buy and hold for at least 15 years. I have plenty of cash reserves but just don't want to be the sucker that built at the height of the market. Any thoughts will help. Thanks.