Helens OR I think this has some merit in your areas were new construction cost out strip what rents will garner plus these are literally bullet proof  :)maybe you grab some dirt there that is not too expensive and set these up maybe like a little MHP type thing.. his 8 plex I believe he is stacking them.. very common in Denmark they stack them 10 high.Also I have been picking up lots in Richmond CA  ( formerly and presently the hood) with ideas of putting these on the skinny lots.

@Zach Harsin, do you already have a lender willing to give you a construction loan? 

It is common in rural areas, many townships have decided to not require permits for repairs, most will require permits for new construction, and additions, or changing window/door openings, or roof lines, I did a rehab in Merrill WI , we replaced windows, roof, siding, flooring and much more, I called the city, they asked if i was changing openings or roof lines, and since I was not, he said no permit required.

I am trying to tell you the best answer from my knowledge and experience in construction management and real estate. 

I'm in my mid 30's doing Sales and Design for local Pool Construction company.

I hate debt in all forms there is no good debt to me... other than construction loans 

Looking to purchase an investment home (importantly with relatively new construction) in central Austin and single family homes are generally out of my price range. 

Hello Guys,Let's assume I managed to purchase a land for $ 100 k and I build a 10 unit apartment complex ( construction cost = $ 900 k), and let's say it takes me 2 years to complete the project (The ROI is 100%).

That wasn’t constructive.

I have no experience in new construction, specially commercial.