You also have lawn and snow removal in multi's, where SFR tenant is responsible.Finally, SFRs typically garner more rent than multi's, for same bed/bath/general size.  

@Andrew Garcia, I would take a look at rents for a similar size (square feet and bedrooms) property so I’d have an idea of what the income might be.  

I suspect the builder has crappy credit and can't get approved on their own.Also, as a former banker myself, local banks aren't generally interested in financing new construction on this size of project or a builder that doesn't have extensive experience in these type of builds, in my opinion. 

@Chris Grenzig  The chart on Wikipedia is interesting, its showing the population gains/losses from 2020 to 2023. 

However, a town of that size is very similar to the areas that we have funded a lot of rehab and DSCR deals.What are some of the things that you like about what you're seeing in the Winchester market for a BRRRR?

However, all the sold comps are crossed out after following a three-tiered system to determine the ARV:T1: Stay within one-miles radius, sold for fewer than six-months.T2: Size of the properties are within 200 sqft., must share certain attributes (bedrooms, bathroom, etc.).T3: Compare property typeIn "The Book on Flipping Houses" by J Scott, it mentioned about adjusting the value of the comps to ensures that they resemble the subject property as closely as possible.

The areas you are looking in are a step below the most expensive so I have no doubt they are higher, but you are also looking at a small sample size when you only look at homes available for sale now.

I recall reading somewhere Memphis had the highest vacancy rate for a city that size in the nation.

A mentor of mine once said to what you aim for in annual income should be 10% of your portfolio size.

Bryan I would say PLANNING IN ADVANCE is key.Lot's of investors like GA as it's own of the best investment warm belt states in the country.You need to determine if you are going residential or commercial for the replacement property and what deal size.