Now to play this game you need a lot of cash to withstand economic factors. 

Batteries are already economically viable in CA because of the cost of utility power.

All of my deals in that size range from a low 6 to a low 7... the only exception is a 76 unit deal I'm selling in an economically depressed town with very low property values, 150+ year old buildings, and this being a portfolio of 12 buildings spread out rather than just one (or a self-contained community). 

Not only will the rates be higher because of hyperinflation but In an economic crisis lenders will very stingy and selective on who gets what .

I I was looking for different economic stats about different markets and I came across this website, best places.net. 

Assuming the lot is in an area that makes development economically viable (can you really build a house and rent for a good ROI???)

Take a few minutes to read this: https://www.ccim.com/cire-magazine/issues/Jan-Feb-19/Basically, to borrow the words of wisdom of the CEO of one of the major lenders: « we are in the 7-8 innings of the economical cycle but only in the 4-5 innings of the cap rates » as of February 2019.

Personally, I think those markets have the best combination of cash flow and economic/demographic trends which the chart below shows.

Economic hardship just "thins the herd" as the saying goes.

The economics don’t work.