The reason you see a lot of these is the city hasn’t allowed the owners of these deeper lots to split them, so developers are building two properties with an HOA attached to create a two unit condo community to get around the issue.

Develop your model and trust what your model tells you.

@Ernes Sahic no problem, I’ve actually developed a working relationship ship with my assessor so he doesn’t even charge me for the lists.

Are there any multifamily developers in Portland, OR who can give me a broad idea of what range new construction is costing per square foot (not including land/permitting/etc.) these days?

He owns 400 acres, 300 acres is under development already and the other 100 acres are for sale in 20 acre parcels. 

And should be somewhere around 70-100 units by the EOY without counting my new development project. 

It is an interesting development we should all watch. 

I can't wait to continue developing my investing skills and connect with everyone!

We really like that area right now for the cashflow and for the future appreciation if some of the projected development happens like Stone and the Fulton Yard! 

The investor may still be willing to pay over market price for a number of reasons, such as accumulating individual properties adjacent for future development; to add to a portfolio of close by properties so synergistic effects may be realized; because he knows something that will lead to large increases in future value; because the property will return a higher net income than the comparable properties, etc.