Many investors underestimate how competitive the market can be, especially in areas like Texas, where demand for multifamly and single-family rentals has been high.

Quote from @David Martoyan: You will always have a high amount of competition for real estate and real estate investors.

Other forces including skyrocketing insurance premiums, inflationary pressure on expenses and tough competition in the Class A space work against efforts to improve NOI. 

With inventory slightly decreasing in November, do you anticipate increased competition heading into the new year, or are higher mortgage rates keeping activity balanced?

You will need to compare your unit to the competition.

The massive wave of illegal immigration has added to competition for housing.

I've never had a client not be able to get a great competitive premium on a property here and we've bought all kinds of property. 

I couldn’t tell you what rates are today but I assume they are competitive.

Sounds like you have thought out a lot of this, but maybe also hold a competition with a cash prize at your closest architectural and design school.Can you build it cheaper than someone like this?  

That's also what the lender told me, it would take too long and thus make me as a buyer less competitive once we're in UW.