When we do our deal analysis, we normally build so that at 65% occupancy on our 1st phase we are cash neutral, which includes P/I paydown. 

Where you invest depends on your ability to do a market analysis. 

I would like to interject, while data drives decisions, one of the first things I'm looking at is the location and surrounding area. 

Hi @Briley RoeNice to hear that you made the first step in investing.Looking at the deals, I would need more information, but per the data that you have, the Cap Rate is within a good acceptable amount.Cash on cash is low, but depending on the area that you are the appreciation will catch up.

Know your data. 

On the land side, zoning, highest-and-best-use analysis, and exit strategies are key to maximizing returns.

But as a data point on Huntsville: my Huntsville property with REI Nation turned over in May 2024 and stayed vacant for serval months.

I'm just starting out and getting reps in on analysis, so maybe this is a silly question, but hoping others have wondered the same and curious to hear yall's thoughts!

Expense ratio, as others have stated, often ends up evening out these fluctuations in each expense and can often times be a more accurate predictor over many data points.

Quote from @Gregory Wilson: Excellent description and analysis.