New construction duplexes

[Jeff Ostrander]

I am a new investor with an interest in multi family and  an acquaintance of mine pitched me a 3 duplex deal that has yet to be built. The cap rate is around 9% with the rent/purchase price at 0.95%. 

Is evaluating a new construction deal the same as an existing structure? Those numbers include maintenance and cap-ex but it seems to me that they’d be negligible the first few years of owning the property. 5 years down the road when I need to spend some money on repairs, the appraised value and rents of the property will be higher, essentially increasing rent/PP to above 1%. 

Any other considerations when looking at buy/hold new construction that may be different than older rentals?

Thanks!

Jeff