As part of my investing journey, I'm now on quite a few wholesaler lists and receive off-market deals almost daily.On properties I'm interested in, I'll get into the research on the property and then run numbers (working hard to develop these skills), and then I'll notice that some of these deals aren't deals.For example a property is being wholesaled for 120k, but was last bought in 2022 for 60k, it needs a ton of work (30k est), it's vacant, and they say'll it'll ARV at 180k and the neighborhood comps (both nearby sold properties and even rents actually) do not support that ARV.

I'm also open to investing in emerging areas and putting in the effort to develop the property.Thank you in advance for your time and energy.

A 6-7% vacancy rate might look tempting, but it’s important to keep an eye on any new developments, like Build-To-Rent apartments, that could pop up in the neighborhood.There’s also some research* out there showing that average vacancy rates across Metropolitan Statistical Areas (MSAs) have ranged from 17% to 10% in the past (95-17).

If you plan to live in the property then the short term sacrifice you may have to make is to live in an area that is gentrifying in lieu of an area that is already fully developed.

There were some external problems that caused 2ft of drywall from the floor of the basement to develop humidity and needs to be replaced.

My firm is looking to branch into land development.

Nexus-Village is an 11 townhome development.

I am not sure I buy that Pilsen is the one southside of Chicago neighborhood driving rent increases, but it is surely a gentrifying area and factor.I think Bronzevilles & Woodlawn's ability to have more new developments has allowed that entire se coordinator to become a huge factor on the southside.Regardless, whatever you are doing is working so keep doing it!

I brokered a townhouse development in the early 80s and we gave zero coupon bonds to the buyers as an incentive to buy.. and If I recall the bond held 30 years would mature and have enough that equaled the entire price of the home. 

Try and meet with someone at the City to discuss - go to City of PHX Development Services and start there.