Good market or not so much thx I'm a multi-generational New Orleanian who has been in Real Estate for 20+ years full time as a Realtor and an investor.

After a cleaner starts randomly trying to bill me extra they usually don’t last very much longer before they make some excuse to quit or ask a fee “after working” that I don’t pay and then we mutually part ways. 

Currently still favor the house rental for MTR and long term strategy in ABQ, but I don't think you generate any solid cash flow unless you can get a turnkey 2BR for under $250K.

Just know that it is a "no days off" kind of business and very mechanical.I would suggest documenting your process via video so that eventually you can bring people on to replace the different hats you will be wearing.Keep in mind of these 5 components of any wholesale business.lead generation, deal sourcing, underwriting, marketing, transaction coordination.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

They tend to cost more to construct then they add in value, they are generally more valuable for a property you are holding as a way to generate more income.

As a MF agent who spends a large amount of time calling apartment owners (or rather, numbers purporting to be apartment owners), please believe me that reaching out to random run down buildings owners is unlikely to get you any deals.

You’re also going to have a 25% depreciation recapture on 3.6% (got) per year on the building value, 10 years in your case…so random guessing.

They will likely have the ability to generate them.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

Early on, rents would remain market-aligned to ensure the portfolio generates the income needed to cover expenses, pay investors, and reinvest in expansion.