There are a lot of market-specific issues you'll have to grapple with and also, there are plenty of landmines in MFR on its own in CT that you'll have to be ready for, in addition to the nuances and complexities of developing something like this.

Quote from @Alex Clark: Looking to buy a property in Ohio Depends.

As there is a general flight to affordability, the new developments don't fill as quickly, and rely on concessions and/or lower asking rents to fill up.  

I am curious at what stage of land development the sale was struck with builder.  

Of course, this is all done before we spend money on inspections, etc.It's all about the relationship you develop with the team on the ground.

Any good area so you recommend for buying a rental property ? 

Purchase price: $75,000 Cash invested: $600,000 Sale price: $269,000This is my largest new build development to date.

However, you have to invest in specific communities where they are encouraging development.

Lower property taxes, affordable housing compared to LA (CA buyers are usually cash buyers because what they net from their smaller home in CA can get them a bigger home here, often covered by what they net from their CA sale), allergies (smog), and politics. 

Newer properties.