Evaluate, decide, and defend (the economics) an initial proposal for a real estate development in the fictitious city of Veintetrento in the new state of Nockamote located a short walk from the metro areas urban core. You must choose between the following options: single-family residential owner-occupied, multi-family residential for lease, or single-family residential for lease. Some relevant demographics and descriptive details include the following:

• MSA population of 4.5 million
• City population of 57,000
• Bachelors degree or higher is 75 percent of population over age 25
• Median value of owner-occupied housing is $1.15 million
• Owner-occupied housing rate is 37.5 percent
• Median household income is $114,000
• Population per square mile is 8,710
• Persons under 5 years old is 3.5 percent
• Persons over 65 years old is 14.5 percent
• Median gross rent is $2,470 per month
• Civilian labor force participation is 68.9 percent