I personally like to buy in towns/neighborhoods in which no new builds are possible within 10 miles because all the land is developed.

This is not a market for a generic, new build, cookie cutter home in an HOA neighborhood!

You're better off focusing on specific markets, specific neighborhoods, analyzing numbers, and building an ideal buy [box].

Is the real estate an apartment building or single family?

If it could even break even, I'd be fine not cash flowing as long as I was building equity.

For new builds and some rehabs they are vented but in some conversions or apartment remodels I will opt for the ventless units.

I'm building some currently (so obviously I think that works). 

With the right strategy, it can become the foundation for building wealth.

And your net worth will thank you.If you still want to go ahead, you'd be better off buying a house than an apartment because, while the value of the building itself will go to 0, you'll still have the value of the land, bearing in mind that the land might actually lose value too given the depopulation and the yen depreciation.Sorry if I'm pooping a party but make sure you understand what you're getting into (which you're already doing by asking the forum) and then make the decision that's right for you according to your objectives.

House hacking is a great start in building your portfolio.