@Joshua McMillionI just don't see the growth potential for Decatur that others do. 

If it's in decent shape, I would do a couple upgrades to appeal to potential homeowners (adding window shutters or bark mulch outside, an accent wall, nicer light fixture in living room, etc. etc.)

Ultimately, the decision should align with your investment goals, risk tolerance, and the amount of time you can dedicate to managing your properties.

EP #1 doesnt get out of bed unless the deal is $20mil+ and EP#2 is more in the $1-$2mil range and would hope to JV a potential project with others.

Erick, there is a lot of risk to anyone who lists your property on the MLS. 

One of the inherent risks of new builds is locking in an interest rate.

. - with this, we can potentially increase rents by up to 145% depending on a comparison with baseline 1977 level rent amount.I have 2 questions:1) If there exists these 2 other, legal ways to increase rent in a rent controlled area, why does it seems like the only option most investors consider is cash for keys?

Bottom line- In any location, there's always a degree of financial risk to consider, but Winston-Salem stands out as an affordable and welcoming city for investors, making it an ideal starting point for those venturing into out-of-state investments.

We took equity from the 1st rental to clear some debts and the extra was used for down payment on the 3rd house.We took extra risks because we hold on to having more renters to come soon.

I am open to potential collaborations.Thanks!