You need to let it run for a few months in order to get it rolling.

.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

Please post a copy of your due diligence checklist and your stress tests.  

Meaning truly intrinsic(2x DSCR not 1x DSCR), then roll the dice and lever the minimum you need to get the deal done and understand to put more to reserves than anything else for the first 3-5 years from your current and new property.The risk:reward ratio is very low when you factor in a lack of liquidity.

Attitude and professionalism are paramount; product knowledge next, and then there's your contact/follow-up systems.Put that together, price-test against the market, and you'll have a sustainable, constantly expanding, and very profitable venture.Good luck! 

Just starting out and testing waters for BRRR in Chicagoland area.Any advice or suggestions regarding this?

In hindsight I probably should have gotten an additional HVAC-specific inspection and tested the measurements for the actual washer/dryer space.

Then it goes back on the tax rolls.  

In one building the tenants accumulated so much junk over the course of their tenancy that I was forced to get a 40’ roll off dumpster to get it emptied for a sale.

This self claimed "Drug Addict to CEO" doesn't pass the sniff test in my opinion.