Developers have been on a building rampage for the last 5 years, so we've got brand new apartments sitting vacant and properties less than 50% full in many areas of town. 

Upper NW and over $1M still move quickly-  condos, developers @ SE has dried up.

But you'll have to either manage it yourself and develop a really good skill set in that or get a smaller company that doesn't have too many properties to manage who has a high skill set management for you, but then you need to pay for that.

I find that other formulations of the risk adjusted return analysis either (1) are too simplistic (typically the ones available through an internet search or (2) are so complicated and require so exactly an information input determination that to successfully use requires an advanced degree in statistics or analytics (usually ones taught in “top ten” college courses or (3) are so poorly developed that they can’t be relied on within 3 standard deviations from the mean.  

They develop, they build, they finance, they property manage, they will have HAO, cleaning crew etc. etc. etc. so the subsidiary companies make money every step of the way.From investor perspective: The investor pay $15 K to reserve the right to purchase 25 multiplex over the year of next 5 years. 5 each year.

Part of a larger development. 

we have a development in this area that should be completed in the next 6 months, 2 units. 

As you develop the park I would strongly recommend your homes be individually metered for water, sewer expense prorated and garbage paid by tenants via individual can service. 

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

Local PM here - we have multiple development projects we are gearing up to sell, both small multifamily and townhouses should you want to take a peak at them.