Where I am in New Jersey, the numbers wouldn't work out at all, but those numbers are good on your sale and rent for the build cost, especially since they should appreciate there in Little Rock steadily.

Without this workout, the down payment requirements, current levels of interest rates and cost of the transaction would not be incentivizing enough to for investment. 

How do you even know if things will work out?

If my deal didn't work out or didn't work out the way I expected, I'd do an analysis of what went wrong and switch only if the market doesn't suit my needs. 

I absolutely think it was the right investment because of that but not once did anyone guarantee that this would work out.

Additionally, I would like to attempt to do the process Owner/Builder with subcontracting work out as well as doing some of the work I'm comfortable with (I have some experience with bathroom & kitchen remodeling an am not new to the construction industry).

If things work out, we'd like to have at least 1 additional property before the end of the year and have 8 in 8 years.

I look at Yelp for yoga studios, vegan restaurants, cafes.  

Numbers don't really work out for landlords though.

I don't have enough details to know whether it's a good move for you, but I think my numbers work out better when I'm the lead.