 From Dirt to Doors: A Real-World Walkthrough of Building Duplex Rentals
By Chase Calhoun If you caught my latest YouTube episode, “Building Duplex Rentals: Start-to-Finish Tour + Funny Surprise Visitor!” you saw two side-by-side projects in radically different stages—one slab just poured, the other gearing up for lease-up. Today I’m expanding on that tour with a step-by-step playbook, real cost benchmarks, and hard-won lessons you can use on your own build-to-rent (BTR) deals. YouTube 1. Start with the Exit—and Work BackwardKnow your rent targets and refinance plan on day one. For our Little Rock duplexes (≈1,350 sq ft per side), we’re underwriting $1,550–$1,650 monthly rents based on nearby comps and the 2025 surge in renter demand that BTR properties keep capturing nationwide. Institutional research projects continued growth in this sector as affordability pushes more families toward purpose-built rentals. Cushman & Wakefield Pro tip: Run a sensitivity table on exit cap rates before you buy the dirt. A half-point swing can erase your margin if you’re banking on a quick refi. 2. Land Acquisition & Due Diligence
3. Budget Benchmarks (2025 Numbers)Cost BucketTypical RangeMy Target*Land (per finished lot)$20–$55 k$32 k Hard Costs$130–$200 / sq ft national avg HomeAdvisorBankrate$142 / sq ft Soft Costs (plans, permits, interest)7–12 % of hard9 % Contingency5 %5 % *Little Rock labor & materials; adjust for your market. At these numbers our all-in is roughly $410k. With stabilized rents of $3,200/mo and a 6.25 % fixed-rate DSCR loan, we’re penciling $700+ monthly cash flow and ≈20 % IRR over 10 years. Real-life investor Brannon Potts is seeing similar spreads—about $330 per unit—by keeping build costs near $120 / sq ft and self-managing the GC relationship. Business Insider 4. Construction Phases in the Field
5. Financing: Construction-to-Perm in One ShotLocal banks still quote 75–80 % LTC if you demonstrate a proven cost-control track record. Structure interest-only during construction, roll to a 30-year amortizing note at C/O, then refi into agency debt once you’ve got seasoned rents. Bring ≈20 % cash for draws between inspections—that’s the same buffer I recommend to clients who toured the site last week. (If you missed the episode Q&A, rewind to the 4-minute mark.) 6. Operational Edge Once the Keys Turn Over
Bottom LineBuilding duplex rentals isn’t just stacking two single-family homes back-to-back. Done right, you squeeze more doors out of the same footprint, reap economies of scale on everything from framing to lawn care, and lock in returns that beat most turnkey single-family acquisitions in today’s compressed cap‐rate environment. With smart land buys, tight cost control, and a crystal-clear exit plan, you can go from raw dirt to cash-flowing doors in under 12 months--and have a good laugh when uninvited wildlife drops by. Ready to dive deeper?
See you on the job site—until then, keep stacking bricks and building freedom.
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 Faith, Family, Fitness & Real Estate: How We Keep All Four Plates Spinning (Without Letting Any Crash)
By Chase Calhoun If you tuned in to the newest episode of Relentless Growth—“Balancing Real Estate Success, Faith, Family & Fitness” with my good friend and co-host Jack Maher—you already heard the honest, in-the-trenches version of how we juggle business, barbells, Bible study, and bedtime stories. If you missed it, catch the show here → Watch the full episode on YouTube. YouTube Below is the expanded playbook: key takeaways from the conversation, plus the data, tools, and habits we lean on every day to stay anchored while scaling up. Grab your notepad (or screenshot the highlights) and let’s dig in. 1. Build a Calendar That Reflects Your Real Priorities“Show me your Google Calendar and I’ll show you your values.” Weekly, Jack and I each time-block:
Pro tip: Color-code each pillar. Your screen becomes a visual KPI dashboard—if the week looks lopsided, fix it before Monday hits. 2. Automate—and Delegate—Everything You CanEntrepreneurs are 2× more likely than the general population to report poor work-life balance. Founder Reports The cure isn’t grinding harder; it’s removing yourself from low-impact loops.
3. Stack Wins With Micro-HabitsInstead of overhauling everything January 1, we install 1–2-minute habits: PillarMicro-HabitWhy It WorksFaithRead one Proverb daily at breakfastSmall dose of wisdom without adding a meeting Family90-second “high/low” chat with each kid at bedtimeForces daily emotional check-in Fitness10 push-ups every time you refill waterExtra 50–100 reps a day, no gym needed BusinessStart meetings with 60-sec gratitude roundResearch links gratitude to sharper problem-solving Tiny reps, huge compound interest. 4. Guard Recovery Like You Guard RevenueSleep trackers keep my recovery score in the same spreadsheet as project IRRs—because a sleep-deprived leader costs the company real money. Gallup’s 2024 State of the Global Workplace reports that only 21 % of employees feel engaged, with managers hit hardest. Gallup.com A wiped-out owner drags everyone down.
5. Create One Overarching ScorecardJack and I track four numbers each week:
6. Surround Yourself With People Who Call You HigherFrom GoBundance brothers to our Relentless Growth listeners, community sets the temperature. And yes—the episode’s best laugh came when Jack roasted my 5 AM ice-bath selfie. Accountability + humor beats grinding alone every time. Deskbird’s 2024 report lists perfectionism and unsupportive culture as the top two work-life killers—solve both by choosing inner circles that celebrate the wins and call out the excuses. Deskbird Ready to Dive Deeper?
See you on the job site (or the bike trail)—until then, keep stacking bricks and building freedom.  From Demo Day to Payday: The Playbook We Wish We HadBy Chase Calhoun
If you caught our latest Relentless Growth episode—“Our First Real Estate Deals: Profits, Pitfalls & What We’d Do Differently”—you already watched Jack Maher and me drag our very first projects out of the archives (numbers, cringe-worthy missteps, possum-sized surprises and all). Below is the expanded playbook I wish someone had handed me before I swung a single demo hammer. 1. Know Your Exit Before You EnterEvery line item flows from the finish line. On Day 1, ask yourself: “How will we refinance or dispose of this—and at what cap rate?” A ½-point exit swing can vaporize thin spreads, so run a quick sensitivity grid before you ever draft the offer. 2. Five Mistakes We Paid to Learn
6. Dig Deeper➔ Watch the full episode on YouTube ➔ Join the Relentless Growth Insider list for subscriber-only case studies and early access to new BTR projects hitting the pipeline this summer: Join Our Mailing List See you out there—keep grinding, keep learning, and as always… stay relentless. |
Chase Calhoun Real Estate specializes in holding and leasing
high-end, remodeled, and newly constructed rental properties
throughout Central Arkansas.
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