BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

By the most important thing (if that's what you're doing) is to have a really good operator who knows the laws, has experience and is above board so they won't leave you high and dry. 

On the flip side, if you've got a bunch of Section 8 tenants living in a building that's in a neighborhood where a lot of the tenant base has good jobs, high credit scores, and are generally reliable people, you've got the most risky tenants in that tenant base and that ain't what ya want.

The current costs of construction are so high that you can just find more bang for your buck buying as opposed to building.

Upgrading countertops to granite or quartz, installing high-end appliances, modern cabinetry, and stylish fixtures can significantly raise ARV.

Hard money loans offer fast approval and don't risk personal assets but come with high-interest rates and fees, which can be tax-deductible as carrying costs.

Section 8 is best used as a risk mitigation tool for properties in super low income, high crime areas.

Not sure about delusional but it's not unusual for us to have to do a genuine drain & fill several times a month during high seasons if we've rented to large groups with kids.

However, there aren't any comps of new construction in the area beyond land sales on brand new neighborhoods, and existing sales of older 4 / 2.5s are in the high 200s.