Cap rates are in the 3’s.Now there are plenty of groups out there buying at these cap rates but still forecasting mid-teens IRR.  

@Kayla JohnsonMy parents made me do a lot of apartment turnovers with them as a teen 😭But then they paid for my undergrad.

My two teens and I spent the night moving furniture to the street for bulk trash pick up, cleaning and emptying the house. 

I gave my wife two houses that were paid off, $800 per week for support for 10 years vs. the $400 for 5 years I was supposed to pay and 10 years ago purchased her a house in Idaho because she was broke.Unfortunately, my gorgeous, sexy and fun 2nd wife was a drug addict and I sill love her as much today as the day I met her.

My teen daughter spends over 30 minutes using the sink and mirror only getting ready, so it seems like this is still a relevant use?

The idea seems very sexy, and maybe profitable, but I'm not sure if it makes the most sense financially  As I see it, the pros and cons are:Cons: Likely won't cash flow in the beginning. 

Definitely in the commercial arena.There's something sexy about developing and holding but I know it's a long-term process.

I've had a couple $28k ish outflow months and a few in the teens so I generally keep 30. 

I agree with @Abel Curiel on house flipping.You may want to consider a less sexy but long term viable option.. buy and holds with some initial value add potential, wait 2 years for further appreciation and rents to grow (given market uptrend continues at mild rates), then refi into another deal.

Before consumer -facing rates rise significantly, the big fat "HEY GUYS LET'S DO AN IPO/SPAC OUR NUMBERS (temporarily, but  let's leave that part out) LOOK SUPER SEXY!!!"