@Amy KircherBy the way I am located in northern Minnesota in a college town with a growing economy.

It is less affected by down economies and recessions ( the lower middle class to lower class usually work in jobs that don't fail during hard times).3.

Ground-up small MFR rarely pencils out because the building costs are so high and you just don't have economies of scale working in your favor.If I were you, @Jason Arvin, I'd focus my energy on finding some off-market opportunities...and getting a better agent.

It was a market abnormality that seemed ripe for the taking, since Cleveland's economy was showing really strong signs of promise (particularly in healthcare), rising rents, and stability overall (the blue collar exodus that spanned a few decades finally seemed to have subsided). 

I wished I was better at listings a decade ago so when the economy improved I made sure I was a very strong listing agent.

Too much to get into for your question, but suffice to say it's very expensive and only pencils when a development has large economies of scale, you have deep pockets (think tens to hundreds of thousands just buying the credits), lots of time (think years) to hold the property, and development experience.In summary, I would share that if you are serious contemplating any property for the purposes of multi-lot development, you need to get education on all elements of the development process, create your team of vendors who will be performing the various aspects of the process, understanding the true timeline of events, and understand that development is a LONG process in our state and most others for that matter.

Las Vegas is an extremely volatile market due to the main driver of that economy being entertainment.

I don't have the benefit of economies of scale, yet, so I'm just trying to maintain as much profit as I can.

One downside to apartment complexes under 100 units is economies of scale-especially with apartments under 50 units.What you'll often find is high management fees and under-qualified property managers.

When food or gas or anything we need goes up, people have been conditioned to believe its a "good economy" when in fact all that means is the government gets richer, by collecting more tax.