I suspect the larger markets are going to get saturated faster, as data service providers and larger players identify large and medium markets more easily. 

I would look at where new development is happening...what neighborhoods that used to be seedy are starting to see flips and bad houses getting bought up...where is the city investing tax dollars to improve...what neighborhoods are the hipsters starting to move into...where are the cool coffee shops and restaurants opening...where are the big money players buying up land to develop.

There's markets where you can get deals done for a total capital investment of 25k including all costs.I build networks for my clients to operate in, I go into key markets and interview the principle players like agents, contractors, and wholesalers. 

Larger institutional players are now doing build to rent communities as well.The financial modeling for these projects would need to be built custom for the specific use as you will have various scenarios to model like  finished lot scattered infill, finished lot subdivision and raw land and or unimproved scattered lots.

It’s tough to get bank financing with no cash flow, and that will lead you down the path of even higher rates.Take into consideration that I’m not a major player in this game so I’ve always been risk averse.  

I believe that consideration ought to be given to the provision of counsel (or, at a minimum, information adequate enough to enable the layperson tenant to make responsible decisions).

People like me (as I am sure you know) say that is the argument of not a perpetuator but an enabler.  

I am not a CPA- but I have professional real estate status and enjoy the FULL deductions that I get, which enables me to buy more because I am paying less taxes, which means I have more and more hrs to claim and more wealth built up.

Best for PMCs that are really techy and like data.Rentvine is a new player, but haven't played with it yet.

It's vitally important to know who you are working with, and have the history of the players involved.