I'm in Four Corners but I'm in a community that specifically allows STRs in the covenants, so no issues for me.

In that specific area half acres of raw land goes for $20K.

In Austin, as in many other cities, the process can be subject to specific rules.

My application has the same; specifically, I ask how many animals they have.

I would also advise you to speak with your CPA on the specifics, but food for thought if you are planning to sell the acquired SFR's within a year of purchasing via 1031 exchange. 

Specifically on whether the high interest rates will lead to an increase in mortgage delinquency rates similar to what we saw during the 2008 great financial crisis.I plotted the chart below (Figure 1) to compare Fed Funds rate to unemployment rate and mortgage delinquency rate.

Where is it specifically?

I'm looking for some thoughts specifically for the downtown Sacramento market targeting either a two to four unit building or a 5 to 6 unit.I'm hoping to get some opinions on:Pros and cons of each (less than and more than 4 units).Current rents you are seeing for a 1 bed and 2 Bed.Buying in a good location with a building already and great shape or try to find a fixer.Best locations/ neighborhoods to target.Ideal cap rate and or cash on cash rate target, etc.

I always push folks towards DSCR/Hard Money lending if you are starting to scale, as the efficiency and flexibility with lenders in this space are specifically conducive to scaling and even leveraging equity as much as capital.You'll want to pay close attention from the lenders that you utilize for minimum purchase price, minimum loan amounts, and if you end up BRRR-ing, keeping an eye on their seasoning requirements.

Annexation, zoning, density, preliminary, and final plat approvals are examples of the steps associated with increasing site value.How much value is created is determined by deducting the "as-is" value from the entitled value.Establishing the entitled value involves determining and underwriting the Highest & Best use of the site and applying a residual analysis.A residual Land Value Analysis is conducted by establishing the built-out value of the project and deducting everything from the total value BUT land.The generic formula Total Sales or Capitalized Value - a Target Project Proft - commissions & closing costs = Residual Project Budget - Site Cost - Hard Cost - Soft Cost - Finance Interest points and fees = RESIDUAL LAND VALUE Residual Land Value is the price that can be paid to acquire the property that is supported by the Project planned to be built on it.One of the most important factors in doing this analysis is an Income-Driven approach.