We are replacing the 2 wood decks with cement patios.Our work scope has broaded and consequently our Renovation Budget has risen  At this point our projected renovation costs are closer to $40,000.  

A problem might be how much property values have risen in the past few years and whether or not you will get a lot of cashflow.

So far, we've seen conversion rate going up steadily on our site, and our home page (was redone based on Jerryll's guidance) jumped from ranking #6-7 to #1-2 for "we buy houses in florida".

The rents have risen on par with the increase in RE value resulting in virtually zero increase in cash flow.  

A high school dropout today goes through life with a sign on his back that says he can't function steadily for extended periods of time at the most basic level in the easiest possible environment to sail through.

While you say no appreciation, and I agree, rents are going up steadily and have been. $200/mo with a lot going into reserves for a 75% coc is really good.   

your not alone there are a lot of MF developments that are stalled right now.. because rents have not risen enough to cover the costs.. if you build it at the higher price will at least cover your expenses and made a little out of pocket ?

It is true that rents have historically risen over time, at least to the extent that inflation has risen, but that's not what is occurring now, at least on a national scale.

Albuquerque tends to be a stable market with very little volatility and steadily gains value at about 3.5% per year, on average.

The city's population has been steadily growing, driven by its economic opportunities and relatively low cost of living.