Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

There has been a ton of new construction for housing the past 4 years and that’s why vacancy rates are 10-12% and rental rates have dropped the past couple of years. 

The biggest things you can offer in development are finding a deal, finding capital, or construction expertise. 

@Martti Eckert in our opinion, you'll need to be really familiar with construction, including costs, or be able to find somoen on the ground you can REALLY trust (but still verify).

I had a STR in another market get shut down by zoning, so I put construction workers in there on a 30+day stay over the summer and now have a MTR tenant to keep the lights on through May after which I'll sell since I have no guarantee on having another 30+day contract next summer.

Hell, even the Amish look at our construction methods and chuckle. 

There's certainly been an uptick in available properties over the last few years as some owners have grown tired, new construction is booming in new lots and ones that were lost in fires, & investors who bought in 2020-2022 who may've overpaid and weren't properly set up are struggling.

Most of the investors I talk with have a hard time finding deals that work on the market.The investors that I work with are finding that New Construction is a good option.  

I've learned a ton about syndications, partnerships, funding for construction, the development process and so much more about managing consultants than I will ever care to admit. 

High rates are here for at least the medium-term (1-2 years), so deals will have to pencil in this current environment.You may also want to consider hard money for your lending, as they can often fund your construction with far fewer restrictions than a HomeStyle loan.