So I know there is a premium build in because the possible locations are limited by law (can’t be close to schools etc,).

A new house gets a premium.

In my area, they got a 10 to 15 percent premium of before flood prices because of lack of inventory.Months 5-12 - Deals are there, but with increased competition. 

So keep the extra premium in mind for your numbers if you plan to get conventional financing after as they will most likely require flood insurance and that can be pricey.

On table 19 (page 38) I see that one of their biggest expense was "Premium and fees on redemption of MTN".

Absolutely no complaints here, and anecdotally we have been able to achieve a rent premium which I was unsure about whether that would work. 

Love to travel using points (been to 31+ countries) and multiple premium class productsLove to keep active; bouldering, snowboarding, martial arts, etc. 

Very different Counties and you will pay a premium for Howard County...you might look in Savage as it is a bit cheaper than the rest of Howard County...I dont know much about PG County other than it is going to be much cheaper.

From an insurance brokers perspective:  If you drop average rent below certain thresholds (these change by geographies obviously), insurance companies will apply a heavy surcharge to premiums. 

I have considered trading up for MF but, so far, cap rates aren't where I'd like in areas I've looked and I'm uncomfortable with where we are in the cycle to favor MF at a premium when I can cashflow at 16% net on unsexy SFRs with no friction.