debt coverage is a greater obstacle...than appraisal at 75-80% LTV" - 100% agree...DSC is determining loan proceeds in this high rate environment, not LTV.

Our people are happy with the environment and diversity of opportunity there.

In the current environment, a 15%-17% IRR is respectable/realistic on a value-add ~B Class deal. 

In markets like Memphis and others here in the southern/middle part of the country we are still able to cash flow despite the interest rate environment. 

That's pretty high for an investment property in this environment.

I think we are going to start with the first one and understand more the environment and all the details.

That is true, but is it the best in this current environment?

These are just the ones I am more familiar with.I still like AZ, but will probably eventually retire elsewhere as you start to feel dried out with the lack of water in the environment over time.

This revitalization has created a dynamic urban environment that appeals to young professionals, families, and retirees alike. 

In fact in this inflationary environment and rising rates, your pool of buyers may be smaller by the time your project is completed.