Developing? 

At a minimum, having viable plans in place for development will make these lots more marketable and valuable to potential builders when we have conversations. 

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

If you don't have the funds yourself, you need to develop a solid relationship with those that do.

Incensed deal flow by developing a large list of contacts of commercial mortgage brokers using LinkedIn.  

We’re developers managing our own portfolio and don’t have any outside investors.

Plus macroeconomics here in Columbus is booming right now because of developments from Intel, Meta, Amazon, Honda, and lots of major companies building out here.

Where I differ with most of the posters on this thread is that I feel solutions can be developed to address the problems and something similar to what the OP suggests would be viable. 

The analysis also reports that new multifamily development will “remain near the average recorded over the past five years”.Integra Realty Resources’ 2017 Commercial Real Estate Trends Report ranks Pittsburgh #2 on its Top Markets by Multifamily Transaction Volume Based on YoY Change.Pittsburgh’s rental vacancy rate has declined by 25% over the last five years.Pittsburgh is booming with developments (see reference #6), “there is no better place to be a developer right now than in Pittsburgh.

That gets worse as you get farther out of the cityTLDR: values depreciate, inflation has gone basically nowhere in Japan for a long time, the supply of housing is pretty good compared to demand (unlike the US) and that's because of flexibility with rezoning and development, taxes on rental income are high.