Single Family Subdivision Deal Metrics?

[William Yeh]

Hey BP Fam,

I've just secured an off market listing for a 10 acre residential development opportunity in Vallejo, CA (tertiary bedroom community to San Francisco and Napa). To those that have had experience in developing single family subdivisions in CA, whether for build to rent or for sale, what are the metrics that tend to make you green light a deal on the raw land (cost per acre, minimum unit density, neighborhood/city characteristics, etc)? Curious what the rough guidelines are on pro forma for such a deal to pencil. TIA