There is significant construction in the area with several condos going up and we had an idea for tenants. 

I pulled this list from Oaklands Rent Adjustment Program page.The following are subject  to exemptions from Rent Control.Subsidized Housing.Motels, hotels if occupancy not more than 30 days.Hospital, dormitory, extended care facility, etc.Non-profit cooperative owned and occupied by majority of residents.New construction (built after January 1st, 1983)Substantial rehabilitation.3 units or less owner occupied properties.The unit that an owner occupies in any building.Non-profit facility-homeless/substance abuse treatment.Unit in trust for the developmentally disabled.Shared facilities with owner and tenants (bath/kitchen).Costa Hawkins-Single family home or condominium.Vacant unitsLink: https://www.oaklandca.gov/reso...The most notable is the houses built after Jan 1, 1983 exemption. 

I haven’t done brand new construction but it seems apartment building of 32 units costs around $250 per sf as per my contacts that currently build.

@Watson Smith I’m under contract with a builder for new construction.

A little background:Both my husband and I have been in construction for 20+ years, both licensed GC’s, hubby is a licensed plumber.

The details of construction and pro forma for multi-family seems to intimidate single family investors, in my experience, so it seems to take a different kind of people that GET it. 

I just bought my first deal and it's a new construction (with a 10-year tax abatement)!

I'm moving to Jacksonville in about a month and am trying to find a general construction job.

There is a lot of new construction and investments and plans for North Charleston that will cause prices to skyrocket even more within the next 10 years, so with the lease option I can at least lock in a purchase price and not worry about being priced out of trying to buy a property.

The biggest lesson learned throughout this deal was gaining a better understanding of the construction of these old Cincinnati homes.