To make this somewhat quantitative try to compare your expected returns with that of another asset class.

I know its a different beast compared to residential.

Rental Profit = $24,000 - 6,109=$17,890 ($1,090 more than in scenario 1)When you sell, you will make the same amount on the sale as in scenario 1.When you compare the two scenarios, you end up making more money by taking the deduction.

This is similar to saying your building is "Green" but you just have an actual standard you compare yourself too.

Part of the reason why new builds are so expensive is due to the very high land costs we currently have here (high compared to 5 years ago).

I pointed out the facts which are true for me and didn't say that this is the (only) way to go.Again, the situation for investment properties are (typically) different compared to a personal residence as @Greg S. has also pointed out.

.- Cost of work required based on current market rates (for example right now electrical work is very expensive in Charlotte metro compared to historical norms)- Are any code issues with the City of Charlotte or LUESA? 

compare numbers against....lol

Then comparing the risk profile of the two types of markets.Investors who buy into rapidly rising markets take on more inherent risk than those who buy into markets that are at the bottom of their cycle.

Cherry Hill West is still good compared to other places, but not quite as good as East.Not sure if that helps at all, but it's what I can contribute.