And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

If passive income is key, renting the condo or reinvesting in a property portfolio could be solid options.

Several key factors contribute to Buffalo’s sustained real estate prominence:1.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

My goal is to build a comprehensive resource that not only answers key questions but also provides clarity on the entire process.The draft is based on my personal experiences working with clients, but I want to ensure it reflects the broader community's insights.

You'll get much more "bang for your buck," lower cost per key, and lower maintenance costs per unit.

My point being, having a reliable team here is a must.Dialing in on what class neighborhood and what kind of property you want is as key as your metrics, especially given that much of our housing stock is ~125 years old --- at least in the city.

That might include things like adding units, converting commercial space to residential, or finding ways to boost income (like adding parking).The key is recognizing opportunities while walking the property, and that takes experience.

What are some key points?

If you can, bring a contractor or inspector when you check it out to get a clearer idea of what you’d be dealing with.It sounds like you’re doing your homework, which is key!