Buying a primary first will likely give you the best opportunity to qualify for free/cheap money like Down Payment Assistance, grants, and mortgage tax credits.

Personally, I’ve been exploring opportunities where growth patterns and infrastructure expansion hint at future value increases.

This seems like a huge untapped opportunity. 

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However, my main question is how investors determine a reasonable target, especially since some investors with access to higher capital are able to target projects with higher returns than the easily accessible passive or traditional opportunities. 

It is because every investment opportunity comes with risk.

Also, you'll want to look at value add opportunities with utility optimization, either a reno project to pass utilities on to tenants or some kind of billing system.

The rental market demand is still extremely high and there are a lot of value add opportunities, you just have to be willing to put in the work.

.: Quote from @Jose Alonsoo: Good after noon real state family.I have an opportunity to but a sub to property right now.

The board actually brought up the new ADU ruling to inform residents even though it didn't pertain to our project it seems like a great opportunity if you have the space.