Thanks again for sharing your experience — it’s great to hear from someone who’s successfully managed multiple projects firsthand. 

Tapping into interest rates in the 2-4% range makes cash flow possible again, along with multiple other benefits.

How are you stress-testing your deals given interest rate changes and possible price softening?

Working with a licensed person who has at least one state license shows that the person passed a challenging test, the NMLS test, that more than half of people fail on their first try.

Maybe it is worth the effort to build, and if it is not, you can sell the land and make profit risk free.I have "flipped" multiple opportunities before that I didn't take the the finish line.

As a seller if there are multiple offers I consider the delivery as well as which agent is reasonable to work with. 

Hey All,Arvada is proposing updates to its short-term rental rules, and the biggest change is Only ONE STR license per person would be allowed (down from up to three today).This would apply regardless of whether the property is owner-occupied or not, with a phase-down period for existing owners.This could significantly impact small investors who own multiple STRs in Arvada or were planning to scale.For operators with multiple STRs today in Arvada or other states, what’s the cleanest way you’d unwind or reposition properties under a one-license cap??

@Jonathan Taylor Smith-I in the process of studying for my test in April..But I just want to take action in some prior experience of bird-dogging here in Virginia use to do it in NJ.

Then still compare those rents to market, because inherited rents can be below or above market.Convert comps into a realistic rent numberTake your comps and group them into three bucketsInferior, similar, superiorAnchor your estimate to the “similar” bucket, then adjust up or down for key drivers like parking, in unit laundry, renovated kitchen, and separate utilities.Use a conservative number for your underwriting, then optionally a “market rent after light rehab” number as a second scenario.Underwrite expenses properly, this is where beginners missAt a minimum includeVacancy, 5 to 8 percent depending on the submarketRepairs and maintenance, often 8 to 12 percent of rent on small multisCapital reserves, another 5 to 10 percentProperty management, 8 to 10 percent even if self managing, so you can compare deals consistentlyTaxes, insuranceWater sewer trash if owner paidLawn and snow if owner paidLandlord paid utilities if anyUse two quick valuation checksRent based checkCap rate or NOI multiple is less reliable on small residential, but it still helps you avoid overpaying based on rent.Sales comp checkCompare to similar duplexes and small multis that sold recently, but the rent numbers are what will decide if the deal works for you.Run the deal through a one page summaryPurchase priceEstimated market rent per unit and totalTotal monthly expenses and NOILoan terms and monthly paymentCash flow after debtCash on cash returnDSCR if you are using DSCR financingI hope this helps.

I’m deliberately early in the process and want to pressure-test assumptions before committing capital or geography.If you’re actively developing, operating, or investing at this scale and are willing to share perspective—publicly here or privately—I’d appreciate the insight.