What this tells me is Raleigh is likely better for long-term, conservative investments due to steady value growth.

Issues 1) even garage conversion ADUs in single family zoned areas typically cost more to build than the value that they add.  

Ask the people in Florida who now have sky high insurance and mandatory unplanned assessments, how much value having a paid off property is. 

How did you add value to the deal?

How do you value a apartment that will be rented out to primarily section 8 tenants?  

The value of your SDIRA may be too low, but I'd recommend Gary Mobbs at South Star Bank in Gonzales, TX.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I am looking to create a value ad to the property.

@Zach Denny - I agree - chances are the institutional lender won't be comfortable with an owner-financed 2nd and 100% combined loan to value.

This is some of the highest valued residential land in the country.