Who cares where the rent is coming from?

Get C-ompetent help, not just S-omeone.

The answer is cost of construction came up slightly, and prices came down slightly.Ding ding!

I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..

Everywhere I turn all I see are pitches for affordable housing and the same (not so) compelling arguments regurgitated by syndicators, capital raisers, brokers etc. for the investment strategy....strong returns...lower volatility....supply (huh?)

I had been scouted more times than I can recount to come to CA to apply my skills because the standards I came up in exceed that of CA and most places. 

Hi Stephon, I'm just reading this post so I missed you.  

Just throwing a fake example here: a 3/2 SFR in NY vs a 3/2 in OH, MI, IN etc. what are the property taxes?

At the numbers you are talking about and where the market is heading you could pick up some very high quality NNN national credit tenant properties as commercial continues to recover. 

Quote from @Steven Diaz: Here are the prelims.