But, the self-sufficiency test for FHA loans can be really difficult in SF, meaning that the market rent from units you will not occupy must be sufficient to pay for the mortgage payment. 

You should start with a focus on a 2 unit multifamily property in a market that you can afford to get into. 

Unless you are finding off-market opportunities direct to seller, I can't imagine the deals working on BRRRR.

Every where you turn there are STRs going up on the market fully furnished because they couldn't pay the mortgage and bills with the rental income. 

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

Quote from @Devin James: Gross Margin is an important calculation for developers/builders.Gross Margin = Gross Profit / RevenueWe shoot for a 20% gross margin on our New Construction HomesReal #’s:Home Sales Price: $374KClosing Cost: $18,700Cost of Construction: $258KLand Cost: $30KGross Profit = $67K$67K/$374K = 17.9% Gross MarginCame slightly short of our goal of 20%Homes Values and Build Costs are constantly fluctuatingI wish we had a crystal ball build larger homes. average new build in our market is 2200 square feet, 4 beds, 3 baths, 2 car garage and sells for 515k. construction costs lower if design is good and find the median or average home sale price and push that up. my guess is you built too small. 347k is cheap. we target 429-479k price range in columbus ohio for single family homes and also only purchase close to urban core where premiums are 20% higher and we build smaller like 1500 sq ft where price per square foot goes up. 

Go off the % allocated via the county assessor's determination of market value?

While we are not immune to market shifts, we typically don't see huge bubble bursts. 

Well, yes, some properties may require complete work, but others may just need cosmetic things to bring them back on the market.

At the time, we were new to the market and, admittedly, didn’t conduct thorough due diligence before buying.We purchased a property in the Atlanta area, renovated it, and listed it for sale.