Peter if you go new subdivision pay attention to the size and solvency of the builder.The small builders that do one off homes or small to mid size cluster subdivisions those are the ones that usually can be in big trouble if an economic shift happens.Look at new build permits coming online for the area and the price range you are looking at.The big builders tend to be more experienced and can still finish out  projects with down turn so you do not get left with a pipe farm development where some homes and some empty dirt parcels.Nothing is foolproof but this can help.

You can invest in others and their projects as a private lender.

As an example, will it need siding in 5-7 years, this could be a $20k project.

I've forgotten the reason my lawyers had advised against it but usually the people can't qualify for a loan and while I own my properties free and clear, carrying the mortgage doesn't achieve my goal of generating cash so I can reinvest or work on my other projects. 

I travel with work, building project up and down the east coast.

That will define your price and rent point, which pretty much answers your ZIP code question.As an out of state investor you don't want to buy projects.

If you still can't find anything then turn to sites such as HomeAdvisor and WhtsWht to connect you with a professional and get your projects done. 

Check out the write-up I did of my modular project last year.

That said, the projection still looks sustainable as foreign cash investors continue to value this area; add to that new investors from northern states with high tax burdens, and this continues to be a great real estate market. 

- It's only good for food haha).The quotes came back as such: $5500, $6400 and $7800 for a new 3 ton unit and installation..I was appalled as these prices didn't sit right with me so I decided to take matters into my own hands and do some on the ground research since I just so happened to be in Houston that weekend.They say your network is equal to your net-worth so I immediately reached out to my network of investors and got the contact of a formidable handy man in the area.We were able to cut out the multiple middlemen and go straight to the wholesale distributor (cutting off all middle men would mean going straight to the manufacturer but it's not possible to buy one off units from them).I paid $1000 for a brand new 3 ton unit and was charged $500 for the labor of the handyman...Needless to say, I'll be working with this handyman for future projects and repairs..Total cost - $1500 and 2 hours of my timeTotal savings - ~$6000Because of my spidey sense and network, I was able to save a ton of money, form a new relationship in the process, acquire a connect with the wholesale distributor and write this article..