If you are able to do this at the municipal level and your numbers are correct, this would be a good investment, but there are a bunch of assumptions here.

I have worked in real estate debt since graduating in 2021, so I have solid (but not expert level by any means) experience with underwriting multifamily properties. 

I hate to be the bearer of bad news, but such P/E levels are not sustainable and be considered an expansionary or growth cycle.This does not mean a hard crash is imminent, but it does mean the dollar will be significantly weaker for certain just how it gets there is anyone's guess. 

But that depends on the level of rehab, price point and so on. 

The best market for YOU, is the market that fit's YOU; you're situation, your preferences, you're resources, your knowledge level, you're risk aversion and about 40 other personalized factors to you. 

If they improve to the level of the others, I may try them.

Showing a level of expertise to do something hard or exciting certainly piques the interest of a guy with money and no RE experience.We lived in Houston and self managed properties in Oregon and Maine that we snuck away to in the summer.

I'd ask around some GC's that are higher level they may have some decent project management/financial tools if they're at scale.

But on a conceptual level, real estate has always been better for equity than cash flow. 10 years ago it was possible to optimize for cash flow, today that is tough.

Personally looking back at it switching into LLC was a more of a headache for me and did not do much for adding a level of protection that insurance did already handle.