Developing In Waco (specifically China Spring)

[David Du Menil]

For some background info I've flipped a couple homes but never built/developed anything. Where I'm at there are quite a few duplexes all of which are renting around $1500 for the updated ones and just about all are filled. I have two acres that I'm getting ready to survey off of my main house to develop into a multifamily property. I'm in an unzoned area so permitting is fairly easy, but I will have a septic. 

I'm thinking of building an affordable townhome community where rents are slightly cheaper, say $1250, than the duplexes but will offer all of the same benefits as the duplexes.  Specifically I was looking at this:

https://www.houseplans.pro/plans/plan/s-727

Building a sixplex to start with and then if successful continuing on with another one. I haven't approached any builders but I have a local bank that is at least interested if the numbers line up. 

What do the more experienced investors think? I could keep slugging away with SFH, but they are tiresome!

[David Du Menil]

Killeen has a ton of property available but is a risky market. High turnover and vacancy. Renters there are pretty awful. I think you might be right though about it just being the wrong time to build multi family though.