Build to hold SFH rental

[Dusty Sylvanson]

Hello BP community! I’ve been a member for a bit and have been digging in deep, learning and listening from many of you, so thank you for all your generosity to this community! 
I’m looking for reflections on blind spots that I might not be seeing, due to my biases.

Here’s my path and potential:

I purchased a property, broke the lots apart, flipped the existing house(paid the bank note off), sold one building lot(paid my investors back), and own a building lot free and clear (with my cash in and sweat equity). I am a Self preforming General Contractor and Build houses for a living in the same town. I am about to finish building on the lot I sold and have already designed a 3 BDRM/2Bath with detached ADU for myself. I know my numbers really well, have great lending relationships and this would be my 3rd rental. I have tested lots of scenarios with calculators and understand where it thrives and where it sinks.

I am in a small mountain college town (one block from University and 2 blocks from hospital). Our inventory and rental market is super tight. I decided against duplex or town home, for selling potential(if need be) and we have >50 doors of multi family being built over the next year.

Here’s my bias that I am challenging- small mountain town that more work from home folks will target. Build it this year and get to the conversion table for a 30yr fixed while interest rates are still low, projecting to finish 1st or 2nd quarter next year. I’ll pay myself and small crew to build, as I will have to show income. I e been in the trades for over 30 years and it’s been a dream- I feel so fortunate, but this is also a blind spot. I could wait to build, but... I have the time this fall and winter, and then onto a big, custom build ( if it stays the course). Lastly, I have refi my primary to cash out to pay off my other rental, so I can put a commercial line of credit on it, to be in a position to buy other properties if the market drops. ( lots of evaluation and consideration to be clear and confident in that move). 
So what am I not seeing? Considering? Any builders with similar experience? So many unknowns in our world at the moment and the risks are hard to play completely out? In this scenario, would you build now or wait?
thanks for any consideration, Honestly, I am having so much fun and passion on this adventure. Wishing you all well