If you want to talk risk, put down the PE talk for a second and look at commercial real estate, inflation, higher defaults, forever wars, growing china dependence and the economy and tell me that real estate would not be effected equally across the entire board when the house of cards fall, yet dividen stocks (this is a fact) tend to out perform the rest of the market due to hardships not really keeping people from drinking coke and eating at fast food chains.

After COVID, there was an excess of cash pumped into the economy.

I'm assuming low cash flow for the first few years, but stronger appreciation in those areas. 

Having 100 units under one roof gives you far more focus and economies of scale when it comes to maintenance etc.All your risk is concentrated on one pile.

It's helpful to have economys of scale in any business venture, but in new construction it's even more important because you really need to drive the price down. 

If you feel more comfortable having a lawyer review it, that is still a stronger starting point to save money since they are not starting fresh. 

With the potential for steady cash flow, lower vacancy rates, and economies of scale, BTR developments offer a compelling investment proposition in an otherwise volatile real estate market.The build-to-rent trend in Sunbelt states is a testament to the adaptability and resilience of the housing market in the face of challenging conditions.

Why Multi-Family: Multi-family properties offer several advantages, including multiple income streams from a single property, economies of scale in management and maintenance, and potentially higher appreciation compared to single-family homes.Ultimately, the best market for you will depend on your investment goals, risk tolerance, and personal preferences.

Its articles such as these that are having a impact on an economy that is 80% driven by tourism.

Plus, it is 30 minutes to NAU, so it has a growing population and economy.