Quote from @Robert Frazier: It's a banner week for our fledgling development business.

Growing population, great employment opportunities, steady appreciation etc.The best amenity has been location.

A contract developed 10 years ago might be outdated in ways that will cause you an issue.

It was put in place because the feds have increased immigration for the last ~10 years (over 5M people or 8% of our population) to the point that we now have a housing shortage. 

I'd suggest checking in with some social service organizations within a few miles of the property to see if they work with people/populations in the area looking for this type of house.

I've developed, use with all my coliving properties, and teach HPM (household-led property management). 

You need to pay attention to things like rental demand, upcoming developments, and overall area growth potential.

You might still make some money...or you might loose just a little while you learn....but I think chances are unless you totally mess things up or every part of the deal goes wrong, you end up with most of your money back....AND you learn and develop some relationships.

Screening is definitely an area I studied up on beforehand, and having a large graduate student population to choose from definitely gives me more confidence.

I think development is getting more and more common since we're so undersupplied in housing.