Opportunity in small older homes on large well-located plots?

[Jason Liss]

I am a new not-yet investor.  Primarily interested in multifamily investment property, but I live in a rapidly growing area with a currently booming market (Triangle, NC).

In many of the currently growing/developing areas, there are small, run-down old homes on plots ranging from 0.5 to 5 acres.  They are commonly located in a row, right near large new subdivisions with homes selling for $300K-500K.  These small homes, if for sale at all, are generally around 100K, but often they are not listed as being on the market.

Seems like a sure thing that at some point these smaller homes will not be there and the collective land will be developed.

Is there opportunity in homes/plots like these?