High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.

For a BRRRR if you are using debt most people will use some sort of hard money to purchase and a construction loan to fund rehab (unless you use cash).

There are some major developments continuing construction, however; the price points are upwards at $290,000 or higher and rent rates being advertised at $2,000 a month.

If it was me...I'd check with zoning to find out how many dwelling units I could build, and I'd find what the requirements are for those units (type of house, height and setback restrictions, etc.).Then I'd find out what local builders think the cost to construct would be - just get a cost estimate per square foot for 2 or 3 different levels of finish.

The Construction Agreement says they have access for 6 months and can extend up to 12 months.

Currently under construction on 2.  

Most of the investors I talk with have a hard time finding deals that work on the market.The investors that I work with are finding that New Construction is a good option.  

Perfect - do your best to make the floors as even as new construction.

I am a realtor, investor and own a construction company located in College Station, Texas (home of Texas A&M.) 

Communities like Stanton, Brownsville, and even parts of Memphis will experience an uptick in property values and new construction.