If it was through some type of business or value creation I'd look at ways to do it again.

Agreed that it's just a matter of time before houses with ADUs have more comps and can be properly valued.Great job on cost control and value creation!

On the other hand, you have areas like Hoboken where the cash flow is minimal, at best, but it suits some investors because their main goal is wealth preservation as opposed to creation.

most of Pink Construction / my focus is on new construction build to rent, multifamily developments and entitlements, and value creation through new construction.

If you do not need the cash flow to make your monthly expenses then total return (wealth creation) then becomes the priority.  

I don't know how they can see the kind of success that Phoenix, Denver, and SLC are having now in terms of job creation and not following the same lead. 

A couple of initial thoughts from someone who takes a long term approach to wealth creation with RE.What is your primary residence situation? 

Seems like their app is user-friendly enough for my tenants to use for maintenance requests, communication, rent payments, report creation, etc.

Assuming you spend $300,000 in fees and costs to get permitted, and you sold all of the lots with a brokerage commission of 5% your Paper Lot project would look like this: $1,200,000 Sale of 60 Paper Lots-$   60,000 Commissions & Closing Cost-$  300,000 entitlement fees $  840,000 Net Sales Proceeds-$. 300,000 (25% development profit on project value) $. 540,000 land ValueThe figures above assumes that land value is determined by working backwards for the values and costs you will pay to create the $1.2M Paper Lot value.The same process noted above should be applied to each subsequent phase of lot value creation to ensure that there is enough value & profit to support the next level of Lot value and level of finish.Hope this helps.

If you can get a 4 unit and a basement, that would be ideal and create major cash flow and equity creation, plus you can not worry about a property manager and boost your yield.I see how institutionalized product in Class B/C markets are trading at 5%-6% cap rates.