This might not be realistic if you're going to build several homes, but I've worked with other developers that were either building custom homes or doing high end rehabs that used them.

I have my eyes set on a plot of land near my home where there is high income and significant traffic in a rapidly growing area in Cedar Park, Texas (north of Austin). 

@James Maaba congrats on your recent long term rental purchase, East Stroudsburg is in high demand!

Quote from @Ava Petruso: New to investing but been in the real estate game for 8 years as a high volume realtor.

And that's not enough and the risk is too high at that margin for starter homes.

Look for properties with outdated kitchens or bathrooms, as these updates often yield high returns.

The rehab estimate seems very low and the ARV seems really high in my opinion, just based on a tiny bit of research looking at what this property was listed for recently (it hasn’t sold), and what the surrounding similar properties are worth (~$250k).

It depends on the market, but more densely populated areas like New York City will have more sales in a closer radius than a suburban market.Starting with 6 months back and 1 mile out is a good start.

Big companies expanding in the area means employment and a strong tenant pool and high occupancy rates.

Find one that does not have a high-priced long-term monthly contract, flexible pricing, and excellent customer service.