You are likely seeing only the dogs.

That would set you up and make it easier to scale to another or larger project.

While more development did happen over the last few years from development projects started in 2021 and 2022 when rates were lower and developers could outlast supply chain issues, the upcoming supply is expected to drop again, as we will discuss later on, with the relatively sharp rise in interest rates that has dried up investment capital due to the fear in the market, sellers opting to hold out on their land and or properties until cap rates and interest rates subside again as is expected in the coming years, as well as banks being cautious to lend on real estate due to this sharp rise putting many projects that were started in 2021 suffer greatly from a 7x increase in rates over the following 40 months that had adjustable rates or 5-year terms which is very common in larger multifamily investing.

From what I can tell, it seems like most of the very small towns in this area; tons of trailers, single family homes, no visible high rises or larger multifamily that I saw. 

Plus, no matter what happens Mark is my guy down there and I told him if I ever made a personal comment about his relationship, to tell me to stick it.They always lock the gate at night so no one can drive on to the property and to keep the guard dogs in.Later while my wife and I were driving and checking our storage units, I called Mark to re-iterate we had heard about this and to let her know we will never get involved in their affairs.He said. 

If you have a much larger income then debt then it works. 

Build up your portfolio with a professional landlord and then as your portfolio grows transfer the assets over to a larger PM firm for ongoing accounting and management. 

Further, the property may qualify for larger loans based on the increased cash flow ability to service debt.  

Now it grew into a larger problem.Much like others I am hearing about, hope you don't get the loan called due.

Are there dogs in the yard when you have a no-pet policy?