@Ben Curtin  Hi Ben, one big thing that might change your plans dramatically is the fact that FHA loans require owner occupancy.

You would dramatically increase your risk (and potential reward) by holding and building.  

In my market, Los Angeles, the development of the Stapes Center has had a dramatic impact on real estate.

You can most likely live for free or live for half of what it would cost for rent all while your tenants are paying down your mortgage, you are getting fat tax returns, and you have an asset that appreciates dramatically, especially when levered.

For a crash to happen, a major occurrence needs to happen, i.e. interest rates need to climb dramatically (which is not likely since the Fed would be shooting themselves in the foot with that), a major supply/demand shift would need to be pending, or a huge financial crisis.

This doesn't change the deal dramatically, but is an actual cost you will have that is not budgeted.

One time shouldn't dramatically effect the scoring.

And then something dramatic happened: millennials almost suddenly started to think about buying thir first home.

The condensation build-up can dramatically affect things in the attic/roof area.

Living in the Chicagoland area, multifamily units in Chicago proper are an investor's go-to but I don't necessarily want to deal with Chicago/Cook taxes and duplex/multifamily building stock is dramatically lower in the suburbs so might go single family home in DuPage or Will.