I work with a handful of clients each year on the acquisition and construction side and help them make an enormous amount of wealth on top of managing their properties here in NJ. 

For instance in the real world.. i bought 12 brand new constructions back in the Katrina days .. this was in the top county in Mississippi they ranged 150k to 225k each..

Right now I'm interviewing for an inspector.

.- Texas vs California Home Construction.

@Kyle Atans  or PHX when building stopped dead cold and they deported half the construction workers who happened to be 80% of the tenant base.. same with central CA building stopped  no deportation though :)I just bought in Vegas for semi retirement and tax purposes I kind of like were it sits now.. but no question your timing of that market was impeccable.. !!! 

Metal is competitive with lumber construction cost. 

So I think the operative wird is balance.Note - Most of my career in Construction was spent working for exremely wealthy people that you speak of. ($12 mm dollar houses and all that....)

99 percent of the time someone is selling a project mid-construction or after gut, it's because they already spent too much on it and know it won't work.

There’s a lot of new development going on in Huntsville proper, but properties in nearby suburbs like Athens, Decatur, or Meridianville are both more affordable at present and less prone to competition from new construction.$150,000 can buy you a tenant-ready 3 bed, 2 bath single-family home in a B-grade neighborhood.

If I can assist with any construction or permitting questions please reach out.