He's also the developer and this is the first house in Phase II of this development.

. #1 is the primary reason, but #2 does factor in as well.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

Right now, land (unless in a hot market) takes a special type of buyer/developer to turn it into money, so you're better off finding the thing the people with the money want. land tends to sit a long time...

@John BerjIf cash flow is a top priority, factor in HOA fees (common with new builds) and confirm rent comps to ensure the numbers work.

What folks should be doing is developing the understanding enabling them to build their own tools.

I’m talking about getting thorough with expense estimates, factoring in property taxes, insurance, and a cushion for maintenance.

I think there needs to be a change in leadership and a pro-development or up-zoning attitude.

You may also want to check the Columbus OH market - great macroeconomics with lots of job and population growth along with major companies developing here that drive strong rental demand.