@Benjamin Bass thanks a lot of good info!

This was able to happen since the job market still showed strong enough growth to take the high interest rates and still have a "soft landing".

I don't expect a lot of bass, but some would be nice.

This assumes you dont owe anything on the land and includes rough hard costs (not soft costs like architect, survey, plans, carry costs, permits, impact fee's,etc).

You can also sometimes include soft costs (Engineering, Design, Legal, etc). 

Rent control is usually bundled with other unattractive investor conditions such as hard to evict legislation, squatter friendly laws and soft on crime.

I hate to say it, but I think everyone is being too soft on you. 

Soft close drawers, soft close doors.

When doing a soft assessment of the property I originally used 4% of the total cost of the property for closing costs. 2% of that being "transfer taxes".

You need to learn what the numbers are, what they mean, how they work in to the equation, and generally be conservative at first until you get some real-world experience in that area.Also, if you're planning to use these as guinea pigs for your turnkey business, you need to make sure they're in areas that will support your new rent amounts a lot of areas have soft caps on how much you can ask for without waiting for a unicorn tenant.