Will refinance if rates go down in the future. 

However, ensure you understand the local tax structure and any potential future changes.Economic Dependence: While Albuquerque has a diversified economy, it's worth noting that government and military jobs play a significant role.

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

I may look at out-of-state investing in the future, but I think good deals can be found locally (which I think you acknowledged). 

Real estate is one of the best mind-sharpening exercises in the investment world simply because getting it wrong there is no stock liquidation or quick way out.

There is some future Infrastructure improvements taking place, which can/cannot impact the property ROI. 

At some point in the future, the economy will have another crisis. 

I know that I am taking a huge risk by wanting to build but the existing properties are either in areas I’d never live in or too far away from the Metro Detroit area and I really want to come back to the city in the safer parts before I’m priced out in the future. 

I've looked into roof stock as a possible option but I've heard nothing but negative reviews about them.   

If not, you could focus on other selling points, like the acreage or future ADU potential, but a garage would probably make the property more competitive.