Also you need differentiate your construction costs (hard cost) vs the development costs (soft costs).

It seems you're doing quite well with what you've developed over the years. 

The biggest hurdle I see with arbitrage is developing a pitch to use when approaching landlords, which you can probably do with a little research on BP and ChatGPT.

I have a strong background in sales and business development, with years of experience driving revenue growth, building high-performing teams, and closing deals.

I actually ended up going through a big career change, and attended a 6-month bootcamp to learn Software Development after 7 years cooking professionally in fine-dining kitchens. 

Look at all the population growth, job growth, and companies moving/developing here - it's absolutely blowing up and Columbus is one of the hottest markets in the entire US. 

This is an investment property (buy/hold) that I'm planning to develop considering the new 2020 laws.

Although we could develop and sale.  

No guarantee this will continue but I see elected officials making policy mistakes that will lead to less development and that makes me believe constrained supply will continue to drive above average appreciation.John

Seeking a construction/architect/development mentor would be wise.