If you are 500 miles away you are almost certainly breaking the local STR regulations which they selectively enforce but are starting to enforce more.

Land has all the utilities and is in residential and zoned mixed commercial/ multi familyit will be difficult for anyone to give you an answer since you will need to look intothe zoning rules and regulations, you could build a 100 story apartment building, a mobile home park or absolutley nothing - it will depend on the zoninig.from there you need to then do a market study to see if what you want to build will actually be profitable.

Verify regulations, taxes, and insurance by submarket, and pressure‑test numbers with a PM before offers.

Before you swing a hammer, confirm clean title, redeemed taxes, code liens, and permit history; get utilities on and do a full safety check: roof, foundation, electrical, plumbing, HVAC, and sewer.

I'm strictly focused on electrical, plumbing, water heaters, HVAC tune ups (hopefully not a replacement) and any safety issues.

If any major systems (roofs, plumbing, HVAC) are due, you may want to pad that line item slightly. 

Material prices have continued to rise, particularly mechanical/plumbing supplies, but it's been gradual and no changes within reasonable rehab life cycles that are truly profitability altering.

If you use subcontractors that cover multiple trades, like roofers can do gutters also, or HVAC guys sometimes also do plumbing, then they a lot of times agree to reduce costs in order to get awarded the work for both trades. 

But once you’re talking about bigger projects that touch plumbing, electrical, or anything structural, that’s when a licensed contractor is the smarter move.

When comparing markets, most investors focus on a few core metrics: rent-to-price ratio (aim for 0.8–1%+), job/population growth, landlord-friendly laws, and overall affordability.Texas and North Carolina tend to offer strong growth and relatively landlord-friendly regulations.