@Omar PietersA few things here.The 1% rule is thankfully not a rule otherwise most real estate investments in the US and many other parts of the world wouldn't work.

Rules to follow etc. 

Based on IRS Private Letter Rulings (PLR 200805012 and PLR 200901020), development rights can qualify as like-kind property for a 1031 exchange if they are considered interests in real estate under state law.

Not a normal moderator who makes sure that people who post are posting according to the rules, but an advanced moderator that is an authority on all things that he doesn't do himself, and one that can protect the unsuspecting new investor from dangerous partnership structures and people like me, Jonathan, Don and anyone else you may have on your list. 

Although I'm not ruling out doing another 1031 in the future to add a property or two.

My only concern is searching for the rent to value "1% rule". 

Question, I'm rolling through listings, and of course I see a bunch of rehabs that are identical.

Driving a car is legal, as long as you follow the rules.

A good rule of thumb is to have at least $5 to $10K in reserves per unit to cover these situations and avoid financial strain.Thank you for the reply and help!

Even though your market might prove expensive, I would exhaust all options before ruling it out.Truth is, you have a unique competitive advantage in your market.