Where I live, we still have a severe shortage of homes--median time on market is still 7 days and it would likely be shorter if not for delayed negations being the norm. 

@Placeholder Placeholder, I've financed quite a few STR's in the St Pete market.

That does not sound like a good market for new construction if nobody else is doing it there. 

Quote from @Treza Edwards: I would be looking at this as a market-dependent change.

We found that two key factors significantly helped us succeed with our short-term rental (STR): using NightlyPricer instead of AirDNA and opting for Safely Insurance.NightlyPricer: Rather than relying on AirDNA, we chose Nightly Pricer, which provides more dynamic, real-time adjustments based on demand, local events, and market trends.

You’re absolutely right—speed is such a critical factor in securing deals, especially in a competitive market.

If the market moves against you, it takes too much capital to fix it.Contrast that to this scenario:  let’s say that the acquisition loan was 60% LTV originally, and after a market drop of 30% the loan is now 85%.  

Also make sure to build on a property located in a desirable location with larger pop density and if holding for rentals, charge median rent for that market as lenders want to see a bigger pool of buyers/renters available to occupy/sell. 

Low value markets might be Pennies on the dollar like you allude to. 

We acquire land years in advance through our network of real estate agents and wholesalers in the Jacksonville market.