If the new build-out performs an existing home in your area, I believe it makes sense as long as the numbers work out as you have described. 

It does still happen but is a very rare bird these days.The hunger to live or die by the deal helps you to strive for a higher level everyday to outperform the competition.

I know here in the Boise market studios and 5+ bedrooms outperform the rest of the competition.

Hoping they'll sell it to me once they decide they're no longer getting use out of it.Yeah, I know a lot of cars that can outperform it, but in my town there just aren't a lot of places you could get the full joy out of driving a 600+ horsepower car without traveling a ways or risking a very expensive ticket.

Even at that, we are outperforming our peers in the market by a solid 20 pts on occupancy

Over the years, I've self managed my investment account through purchase of value stocks have outperformed by benchmark (S&P 500) over the long term.My interest in real estate is to get my money working for me in a new way.

Not one realty investment outperformed tech this year or the last 10.

Basically a safe investment which outperforms the bond market.

This in some studies has been shown to outperform or at worst break even with buy-and-hold investing and is WAY WAY WAY WAY less involved, gut-wrenchingly exhausting, and fraught with those inevitable bad apple tenants. 

The WA state Housing Finance Commission might be a great program for you to join.Real estate is the IDEAL investment vehicle, and it outperforms Bitcoin and stocks by many folds.Real Estate is IDEAL because it has:I (Income)D (Depreciation in taxes)E (Equity Growth)A (Appreciation)L (Leverage, you can put less than 5% down)Best of luck and feel free to reach out if you got any questions!