When you say equity capture, are you referring to purchasing at a discount?

If have RCv vs ACV all that means is a 90%+ discounted roof replacement every 17yrs on average.

The builders offer credits to buy the rate down, or they offer a discount if paying cash, so these make sense.

We knew at the price the house would cash flow, then the house market went crazy and rental prices went up tremendously and the appreciated sky rocketed so this is going to be an amazing first property for our portfolio.

It's really only relied upon in new construction and even then I would place more value on a discounted cash flow with assumptions for time to stabilize to market occupancy.

Thank you Lotus, that helps me out tremendously. 

Selling the house with the tenants in place is more difficult too, because you have leased tenants at well below market and have to discount your sales price slightly to get someone else to deal with it.With all of that in mind I think you’re a lot better off pacing market rent and not falling too far behind.

You need to have enough money, probably in the $100-150k, amount to put the property under contract, and do the feasibility study on the property, Phase 1 Environmental, Property Drawings for roads, water sewer, and utilities, and have a completed budget so you know what your costs are.At that point you can go out and attract investors, I don't thing that developing raw land is necessarily cheaper than buying discounted finished lots. 

No use having them take the discounted year long lease and then just leaving anyway in a month or two. . 

Different circumstances, different economies, different geographical areas and different players all have tremendous influence on the success or failure of a strategy , or tactic.