This can make it challenging to find competitive terms if you do not fit a certain credit box. 

The custom builders in the area are very competitive and are offering pretty inexpensive builds vs comps.If the lot was purchased recently for 20K and the turn-key cost to build is $200K, after I close on the house (bank said appraised value would be 220K), would a new buyer have problems with it getting appraised over $220K even with other comps selling for 300K+?

In my personal opinion, MF is so competitive and I have be focusing solely in hotels so I feel it is a strong asset class.  

A bit run down of the repetitiveness, lack of fulfillment, and overall client-pleasing obligations that must be met for every assignment.

Would have a great re-sale potential of about $1.5mm profit on $500k investment over 2 years Cash on Cash plus the rental during that period, plus I've analyzed the market, and it is a solid location with little potential competition that could build.The Country Subdivision has the greatest return with the least amount of input, but the housing market and thus lot sales are a little more questionable, although this is a great location. 

Conduct market research to determine competitive rental prices for each unit based on other split-unit rentals in the area.

The average home value in Raleigh ($444,456) is more than double that of Rocky Mount ($187,507).Over the past year, home values appreciated faster in Rocky Mount (+8.0%) compared to Raleigh (+4.1%).Homes go to pending status faster in Raleigh (around 9 days) than in Rocky Mount (around 17 days), indicating a more competitive housing market in Raleigh.

the lack of a statement in over 3 months and not being paid rent for 6 weeks makes me thing that there are troubles (either personnel or financial) with the PM. 

I think it’s a killer niche as long as you vet the supply/demand and competition in the area.

I never encounter competition on the properties I buy.