This would be more dependent on the  surrounding zoning, future land-use maps by the City, and the City's input. 

@Karl McGarvey - I'm doing a luxury flip in Orange Beach right now, but I do all of my STRs in the Destin and surrounding markets. 

Also look into if you're going to have to bring the whole house up to code if you do this, I mean electricity and insulation, and everything else that they require in brand new homes.Good Luck!

In your opinion, which would be more advantageous:  A couple of lower-priced rentals, or one more expensive investment with a larger ROI in a relatively well-insulated market?  

But how do I need to work with the 14% rate in Allegheny County versus what looks like 7% in Butler County, just to the north of us, as well as the other six counties that surround this one and collectively make up the Greater Pittsburgh MSA? 

I think what we’ll do is build one first ( 9-12 months ) , found a hard money lender with over 273 reviews on here really great , get them to fund the construction , buy the lot for cash in one of the surrounding counties , hire the GC and depending on the market or appreciation either 1.)

Please let me know if you want to meetup for Coffee and I can give you some pointers for off market properties in Santa Monica or the surrounding areas based on your requirements. 

San Antonio is an rich vibrant city full of affordable housing, tourist attractions (Alamo, riverwalk, sixflags, white water and more), military bases (Fort Sam Houston, Lackland Air Force Base, and Randolph Air Force Base) and surrounded by great suburbs (Stone Oak, Alamo Ranch, and the Dominion).San Antonio reclaimed its spot as the nation's fastest-growing city in 2023. 

Outside of that.....There are certain areas in the surrounding counties of greater Nashville that are very much worth looking into.

Depending on the comps, a good use of money is having your bathroom tub/tile surround resurfaced.