Finally, **transparency and trust** are vital; a lender who is upfront about all costs and willing to work through challenges builds long-term relationships with investors.

With 100 properties at those margins, the public markets would assign a 10x multiple on revenue, equaling a $258m valuation (100 properties * $21,500/month * 12 months * 10x).

Having a reliable team of subcontractors that you trust to deliver high-quality work within your timeline is vital when you begin your building projects.If construction is a new area for you, I highly recommend finding a mentor in your region.

Each piece has a vital role to play.

@Michael Ludwig the 1 percent rule states that the monthly rents should be equal to or greater than 1% of the purchase price.

Since the BRRRR strategy involves renting, understanding the rental market's dynamics-like rental rates and occupancy rates is equally important.Local regulations, which you’re getting familiar with in your zoning office internship, are also critical.

I am curious to know if the proximity to Pennsylvania itself is a crucial factor in renting out the property, or if it would be equally viable to invest in an area further away from the city (with a 1-hour commute time, as opposed to a 30-minute train ride from Haverford).I would greatly appreciate if anyone could provide information on the actual rental prices for an average 3-bedroom house in these areas.

You have enough money to furnish a property *fully*, and (this is vital) you have enough money to hold in reserves if/when things don't go perfectly, but you don't have enough to put down a 20-25% down payment to own.

So rather than look for 6 properties which each provide equal cash flow and appreciation, the investor can increase the total return of his portfolio by buying 3 properties with primarily cash flow attributes and three properties with primarily capital appreciation attributed.  

@Cory Vitale @Max Emory Thank you both for your detailed replies and all the great advice!