Use a 20% vacancy/tenant nonperformance factor in your analysis.

It's really hard to predict where regulation will go and it is indeed one of the risk factors for all investments.

It depends on a lot of factors; primarily the local jurisdiction rules that may limit lease changes (in Portland/Oregon rent, security deposit, screening fees, an no-cause evictions are heavily regulated).

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

All important factors to consider- population growth or decline, job growth or decline, inventory rate and movement- is is a seller's market getting stronger or softer or a buyer's market getting stronger or softer?

Maintenance costs are a huge factor in the profitability, or not of any investment property. 

Having all Section 8 tenants may cause you to have a higher cap rate on your exit due to a higher headache factor surrounding Section 8.

The discipline to run on a budget for a number of years or decades depending on your math, doesn't factor in emergencies or market changes where the HELOC could be used to invest in other places.

@Tanya F.Whether there are dues is really not the deciding factor in whether the REIA is worth while or not. 

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI.