We are very out of inventory here and can’t build houses quick enough.

More inventory on the market means prices will drop, but not crash.Anyway, are we talking primary residence or investment property in your case?

There is significantly greater inventory for SFH, a duplex will be tough to realize the same opportunity unless it is vacant.  

Inventory is tight right now to say the least, but will hopefully loosen up over the winter.

There is not enough inventory and the margins are just too thin in SD for my partners and I to invest. 

Generally my understanding these days is that inventory is low country-wide, which is driving prices up.  

This also depends on the inventory and where you feel comfortable building a team.

Property you purchase with the intent of resale is considered to be inventory by the IRS and you cannot 1031. 

Only few brave souls will want to sell their house because of the uncertain covid times, which keeps the inventory low despite the high demand.

@Curt Mason we've involved in both Indianapolis and Kansas City and from my experience, COVID has had little to no effect on the markets, other than inventory is becoming slim due to the lack of foreclosures.