Two year build, 1year lease up.

But also what will be the cost of the new land lease?  

I personally own 2 of them and plan to make all of my rentals section 8 as leases end.

I would like to pass on a little bit of useful information for anybody thinking of converting their permit over to owner-builder. 1 - You will not be able to sell the property for a minimum of 365 days from the date of issuing of the CO. 2 - The property must be for the owner's own use and occupancy and not for sale or lease which means you will not be able to rent it out. 3 - The owner-builder must ensure that all employees working on the project have the required licenses.4 - The owner-builder must provide worker's compensation as required by Florida law.5 - To apply for the owner builder permit, you must physical visit the building department.There are others requirements and conditions, however these are the main items.

with auto-pay options, automatic late fees, and reminders, lease signing, security deposit collection, etc. 

A total cost of 6.3Mn over 23 units equates to 274K/unit...this appears unbelievably low for San Diego...I'd want to see full development budget detailing hard, soft and financing costs as well as month by month projections showing construction and lease up cash flows.What's the 2.2Mn purchase price for?

The students have been allowed to live all over the west side of the city, and student rents stayed pretty steady (though they have increased every year that I've been doing leasing). 

Have a good lease with "teeth" - late fees for late rent, occupancy rules, pet rules and etc. - and do not violate your own lease by being too easy, or very quickly you will not have any lease at all and your tenant(s) will do whatever they want at your expense. 

We have a lease clause that plumbing issues caused by the tenant that are not the result of a mechanical or material defect in the plumbing material are billed to the tenant.

I've seen rental units get leased with iPhone photos that have good lighting.