., major systems like plumbing/electrical)Full Gut/Studs Down: $85-$120 per sq. ft.Luxury Finishes: $150+ per sq. ft.For ARV (After Repair Value), you’re absolutely right—it’s all about comparable sales ("comps").

Any major headaches that come with that?

The vast majority of new construction, especially in Denver metro and the surrounding communities, has been multifamily and townhomes.

I've been in the investment space almost 9 years now, and been actively investing in flips myself, the last year.

The majority is RE agents & associates desperate for business, predatory and awful.

The right property manager will take up majority of the workload for managing tenants / maintenance and everything else. 

The vast majority of those people are exaggerating their successes.

There are wholesalers in every major city in the country and they are buying at 70% to 90% of value all day long, every day of the week.

If you are looking for a good 1031 QI, let me know as I have one that a majority of our clients work with.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance