It actual IS up to code!

For example look at the zip code you are building in, for a recent new build in columbus that we do since miami is expensive we pulled all these stats: Zip Code Statistics: 43206Housing Units Delivered: 8 Average Sale Price: 642,875Median Sale Price: 505,000Average Price Per Sq Ft: $316.40Average Square Feet: 2172 Sq FtAverage Bedrooms: 3.25Average Bathrooms: 2.75Average Days on Market: 138We design the house around this, around the lot, around the neighborhood, from scratch and try to pick a long term build design that will do well.

If your goal is to retire in the next 5 years strictly off of rental property income, then banking on appreciation is clearly not the case. 

Codes change all the time for various reasons. 

Those waiting for a recession will be waiting for a LONG time...it isn't happening this economic cycle, the stubbornly high inflation rates indicate that.A few points above to reiterate: (1) real estate is LOCAL, while there may be some worrying trends nationally, the Harford County market is strong and will stay that way IMO, (2) timing the market is generally a fools errand if you have a long term outlook (if you're looking at short term investments then timing factors in more), (3) if you're looking for a place to live (not strictly an investment) then there are a lot of other important factors to consider.Bottom line is that if you have the means, and if you intend to own the place for 5 or more years, I personally wouldn't hesitate to jump in.

Being a former California GC, I think the problem could be one of two things. 1) Texas does not have as strict of licensing requirements as Cali does.

Hey BP, I am looking at 5-plex opportunity deal and was hoping for a little insight on cap rates there.The property located in  35204 zip code.

I think if you can decide the type of property you're looking for, a zip code to hone in on, and then a good realtor and property manager you're well on your way.Would love to connect and swap notes further if you'd like.All the best.

It's a loophole, and it will eventually close, everywhere.Any property I buy going forward that I plan to hold long term I will only buy in areas that are already extremely strictly regulated for STRs. 

The rules are very strict.