thanks for the guidance @Kaushik Sarkar Since it's development it will take longer to get to the exit. 3 years could be right depending on the market, if the project requires entitlements, how long it takes for permits, no major utility obstacles, etc.

The major factor to standing out in any market is design.

I think majority of those that are displaced will likely find homes in the surrounding communities in CA (I’m sure some local CA experts have better insight).

use STR reports it's more representative of major hotel markets and hotel inventory. find hte right brand. we just did a 150 page report on one development site.

., 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").

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

Even though they don't need major projects or much maintenance, now that we're parents and don't live there, it's still annoying when things come up. 

As for the third target market, Sacramento is close to you, it's a state capitol, relatively inexpensive, two major universities, great local culture...

Personally If you like your current residence and hope to stay there long term I would forgo major improvements on my primary and use all investment savings to make you more money and cash flow. 

One of our parks is 60% POH and in my experience the only way that park pencils as well as it does is to get through all the major repairs, get the homes 'right' and then keep them 'right'.