That being said, property taxes, HOA, etc. all play into that and those are higher in new developments usually. 

Now I want to get his game for my kids to play so they can learn early!

All of those factors play big roles here.Obviously you have fantastic financing terms, but my recommendation would be to take it slow.  

Could maybe make a play with someone in a different part of Arkansas that is looking to expand to the Little Rock area perhaps.Thanks for the insight!!

Considering the amount of money at play, DIY could be more expensive than a couple hours' CPA time!

I agree with @Brian Simpson if Texas is a long term play for you it's worth hooping on a plane and visiting a couple of the cities you mentioned above and setting up your local team.

There are other creative financing techniques (partners, owner financing, wrap arounds, etc), however, items 1 & 2 seem to be the biggest impasses that I see young investors running into when they are starting their careers - the third is the down payment, which you have - well played. 

Maybe that's the wrong long term play, but It helps our situation. 

I can tell you why: because the Govt via the cities of the community/state you are in have made it clear that they have both the capacity (i.e. votes) and willingness (i.e. political ideology) to say that the free market doesn't apply and your rights and an owner will be limited in at least one major way.Any guesses how that's going to play out down the road? 

.), but you also have to look at how many value add plays you have.