If you see that they are all essentially the same units but with different addresses and they produce the same returns, and if you like those returns: stick with that model UNTIL YOU CAN'T! 

Always remember that you are running a business when you have a rental property, and there are many laws around that business that can and will get you in trouble if you do not adhere to laws.Again I would advise against this strategy and create policies and procedures to run your business correctly and you will be much better off

My sister and I have swiftly produced a couple of beginning strategies for our business.

I know I have a different mindset as a small time investor where holding an asset that wasn't producing would make me want to sell.

I personally had to persuade underwriter on my most recent acquisition to use my income history from a previous STR home I had already liquidated to prove that using my same business model (and in the same area) would produce the same results..which they fortunately agreed to in the end.    

In my market in Northern NJ, specifically Bergen county, in the last 2 years intently searching the MLS exclusively, I have only found maybe a hzndful of deals that comfortably produced a Cash on cash return of 8-12%, and one of those I currently have under attorney review.

These permit fees and costs of experts and contractors having to abide by all the permitting procedures become a really expensive addition to the construction costs.

Fully renovated and now producing cash flow each month.

Since the down payment was not enough to pay off the existing loan, I signed a land contract that gives me the ability to rent out the property and produce monthly cash flow until I refinance to cash out the seller.

Risks that I see are rent control (already in some places), lessoning housing regulations (there is a proposed regulation that would let any SFR be converted to a duplex, there is already ADU rules that allow an ADU to be added to most SFR, and parking requirements are constantly being reduced to allow more affordable building options), possibly at top of market (which if past history is an indicator even if Bay area is at top of market a new high will be established in no more than 8 years), potentially any number of other potential Landlord unfriendly regulations (no STRs, disallow criminal checks, rent control (already discussed), longer more onerous eviction procedures (already can take a while in some cases), mandating acceptance of Section 8 (already true in some areas), etc.).You evaluate the return versus the risks and determine if the investment appears sound.