@Jordan Meltzer unless you find a screaming deal - a Class A property won't cashflow for 3-5 years.Class B: 1-3 years.Class C: most investors don't properly understand the risks, so should stay away from them.So, you may need to deal with negative cashflow, but plan on appreciation increasing your wealth.

We never planned to keep our new build for 30 years, which is why we would have never used your cap ex valuation. 

I plan to sale the lots that way.

For example, if you're planning a kitchen remodel, get multiple quotes to ensure you have a solid grasp of what it will actually cost.3.

Building a strong financial plan, researching markets, assembling a reliable team, and having an exit strategy are essential steps to success.Good luck!

IF you plan on going back someday, and this is the home you want to move back to, then renting it would be a good idea as long as you estimate that it will cover itself, or preferably, cash flow, which it appears that yours will at @ $2K or so per month (after expenses). 

So I’m trying to come up with a game plan  Conventional loans do require 25% down on an investment property.

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

One of the cool connections I've made is with someone that has over a million subscribers to his YouTube channel that is now working with me to take my channel to the next level.Proverbs 15:22 teaches, "Plans fail for lack of counsel, but with many advisers they succeed."

Could you do a cash out refinance of that property and rent it as well, or are you planning on selling?