Raw Land vs Vacant Lots

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Question for the land flippers:

Do you guys factor in excavation costs when it comes to buying raw (wooded, unimproved) land as opposed to a vacant lot that is ready for a structure to be built? 

A friend of mine attests that it the distinction doesn't have much affect on the land value, but I'm curious if that's just in his specific market. 

I would imagine a buyer would consider that, but I'm happy to be wrong. 

Thanks in advance to all responses!