Grabbed my first property, future duplex?

[Allan Hernandez]

I purchased my first property! It’s nothing but dirt and grass but it’s 0.28 acres of beautiful potential. It’s in an area that’s been steadily growing for some time now and lot is zoned residential multi family. Surrounding homes are duplexes. It was a low purchase price so I felt it was an excellent opportunity.

My plan would be to build a duplex as soon as construction prices come down. The experience that I have in building my own home will potentially he help me in the construction process of building a duplex, I know what it take in regards to my own home but will be my first venture in multi family.

Since my main concern is prices of materials being really high right now I’m not ready to break ground. My question for everyone here would be how do you fund a project like this starting off and what key features should I work into the design? Any tips at all?

I ran fantasy numbers at $215k build with gross rent $2600 per month. I’d manage the property. Tenants pay utilities. It would be positive cash flow but my main concern is not paying myself at first I just want to make sure this future dream is achievable. Any advice is appreciated!