I will say, one of the appealing parts of this build, was the built in room for changes in the numbers.  

At first, the idea of building smaller, dense, housing, and attempting to make it affordable appeals.

You better buy a great place, furnish it well, and take good photographs, not to mention iterate it with professionalism.

They calculate a "net effective" rent that's more appealing to the tenant, basically amortizing the concession over the lifetime of the lease.

We are now appealing a denied claim with the insurance company.

With $65,000 invested in strategic renovations, we transformed the home by modernizing key areas and enhancing its curb appeal.

These properties appeal to students and low-income renters, especially if traditional housing is limited.

They're driving demand.Communities will use that tax revenue to increase the overall appeal by providing more services, improving infrastructure, etc. 

Here's a breakdown of both the risks and opportunities:Risks to ConsiderHigher Interest Rates: Financing is more expensive now, which can compress cash flow and make some deals less appealing on paper.

They're probably just doing this to preserve the issue for appeal.