You need to decide what makes sense for you.

I haven't tried direct marketing... definitely makes sense.

I don’t see how those numbers make sense…I’m considering paying some contractors to walk an on market house with me (that I don’t intend on buying as the numbers would never work) just to get an idea of their costs.

Not sure if we'll do more, but it surely won't ever be high volume...so expensive or highly customizable solutions don't make a lot of sense.

Investing outside of real estate: What other investment opportunities (stocks, REITs, or businesses) might make more sense in such a market?

Probably because they don't make sense at all.

That's right @Lucas Martinez, rents have gone up substantially here which is why the adu makes a lot of sense.

But think of your capital like a fund - some purchases make sense to finance, and some you may get a screaming deal if you come in all cash with a quick close.

I also lived in NV and TX for some time, and would prefer that climate, but need to make sure the financials make sense there. 

The company in question did not, and more so, gave a sense of urgency for me to pledge my interest in the deal as its first come first serve.