I will add two points that make this Federal rehabilitation credit far less attractive than it may appear at first:1.

I hate to say this, and I may be wrong, but in order to maintain the status quo, we may need another large attraction to draw more people to the area, a big splash to keep them coming at the pace of the new construction.  

Have you thought about offering a lower rate to attract more interest?

I'm considering diverse options for reinvesting the proceeds ($200k+) from a planned 1031 exchange and am open to various strategies:Las Vegas/Reno: These markets offer potential for both cash flow and appreciation, but I'd need more information on their suitability for mid-term rentals and current market conditions.BRRR strategy: This approach could be attractive for value creation, but I'm hesitant about out-of-state management and require a turnkey or experienced team to handle renovations.Other locations: I'm open to exploring other markets offering favorable investment opportunities, particularly turnkey properties or areas with manageable maintenance requirements.My preferences:Turnkey properties: Minimize management headaches and focus on cash flow.Limited appreciation: While some appreciation is welcome, cash flow is the primary priority.Shorter-term rentals: While Airbnb isn't an option in my current area, I'm open to exploring short-term rentals in other markets.Avoidance of major renovations: My recent experience has solidified my preference for well-maintained properties.Current portfolio:3 duplexes in Missouri (mixed performance)1 single-family home in Memphis, TN (turnkey, positive experience)Questions for the community:What are your thoughts on Las Vegas and Reno as potential investment destinations?

When it comes to targeting specific renters, a pool will be favorable in terms of attraction but will not always have a great ROI as others have mentioned.

This could help generate additional income and attract a broader range of tenants.3.Partner with a nonprofit organization: Some nonprofit organizations specialize in affordable housing development and may be interested in partnering with you on this project.

The interest rates and terms seem pretty attractive.

Is it near a college, hospital, or something else that attracts certain tenants?).

(Other rooms too I’m sure) The options may not be as attractive and appealing on a flip as we see them for our apartments but I know our tenants love having the $35/month electric bills once we get done installing the LED fixtures throughout all the units we rehab.

Just looking for someone’s expertise if this would be better to rent long term, as this area seems to attract young families or would we be able to rent more mid-term.