In a perfect world, I’d live in the smaller unit and rent out the larger one, or maybe even run an Airbnb if the property makes senseI’m looking for a mix of cash flow and stability/appreciation.

If you prefer stability, consistent rent rolls, and fewer moving parts, Pilsen’s the safer long-term hold.Pilsen, is a steadier play in my opinion.

It's a buying opportunity for some but only if you know the numbers, have reserves, and financial stability, and understand the strategies.

There are markets where developers built product relying on the mentality "build and they will come" with no coherent thesis behind why and those are markets where there will truly be long term pain. 

This was done to stabilize prices. 

That said, there's some serious market stabilization happening right now, some areas feeling it more than others. 28214 has a -1% price appreciation YoY.

I’d also run a quick stabilized value check.

Are you planning on keeping all the product that you build? 

The guaranteed rent is great for stability, but the tradeoff is slower inspections and more paperwork.

Move in steps: first, verify with the county what it would take to legalize the buildings and the well; second, pursue non‑agency routes like hard money or true private lenders to acquire fast, with a rehab and permitting plan; third, once permitted and stabilized, refi into a conventional or DSCR product.