@Nick Henry this also comes down to how much time you have available and how much effort you are able to put into purchasing a home or building and doing renovations and then finding quality residents to live and take care of your asset.

There will be renovation of the home that is $82,500 worth of renovation.

i found in my build projects that started just before and continued through the pandemic prices rose. everything but lumber became sticky IE they rose but did not fall..

Typlcally, a lender is going to lend 75% - 90% of the Cost of the project (property price plus rehab cost (scope of work)) or 70% - 75% of the ARV (As Repaired (as completed) Value).

I'm interested in following this project when/if you kick it off. we have this in columbus. 58 rooms on .1 acres. 28000 sq ft. but this site the land is 50k it's set same as columbus but in miami dade county but sounds good. are you more interested in the miami one or the columbus one? 

Quote from @Devin James: In one of our development projects, the City staff asked us to remove 40 units from our concept plan.This wasn’t requested by the City Commission at a formal hearing, it was the opinion of the staff.Our original concept already proposed fewer units than the current zoning would have allowed.Here’s what erasing 40 units means:- 40 fewer homes for buyers- Over $1M in lost profit for our team- Fewer tax dollars and impact fees that could’ve benefited the City’s infrastructure & servicesWe gotta get betterEveryone wants more affordable housing, but not everyone wants to do what it takes to achieve it we never listen to the recommending bodies. we move for city approvals and work closely. the other thing we do is keep going back to the same groups over and over and over and over every month on the same agenda and make very small reductions like 2% or 4% and that reduces and beats them down eventually they accept what you want. it's just before beating a dead horse. we keep tabling until they give us something we all agree on then we go to vote. in our city in columbus we have to get recommendations but that's our strategy. we used to come out as aggressive as possible. we typically study developments in the area and keep it very similar in terms of density. we have a track record of very controversial projects and litigation and not taking no as an answer. after a year of that haha I can tell you it's not worth it. now we are more relationship based and buying the right kinds of plots of land. if the numbers don't work on the front end don't do the development. 

I've done fairly big renovations where in most cases, Im replacing almost everything in/on the house.

My project is expected to exit this year and it appears that will happen as expected and in line with projections or maybe a little better.

I'm finishing renovations on a studio apartment (under another unit in a multi-family) in the next few days and am trying to decide on what strategy to use to rent it.

Hi Kyle - we have two development projects currently in DC.