It's helpful in allowing me to put things in perspective. 

@Russell Brazil  Understood that capex is not an operating expense so technically it should not be included in NOI, I just prefer underwriting it like that to make sure I'm not over valuing a property when looking at it from a cap rate perspective.

@Terone Johnson From a 1031 perspective it's fine. 

However, you can look at it from a different perspective as an income property. 

Has anyone bought preconstruction before, had success, or failed that could put some perspective on this?

Until you own this property, going on tonit and showing it to perspective tenants can be considered trespassing. 4.

Even if you're only making $1 per month, you're owning an appreciating asset at zero cost (tenants paying on your behalf).Now Jay made a valid point about this probably being a tough one from a management perspective (difficult tenants likely) BUT if its your first property and you're looking to learn from it, and its close enough for you to self manage easily...

I understand that perspective.

@Antonio Porta has it nailed from my perspective. 

The location on one of the largest fresh water reservoirs will provides for great long term perspective - water will remain a key ressource for many industries, not only for Foxconn.