Seeking Quick Underwriting Advice for a 96-Acre Development Opportunity

[Ilan Cohen]

Reaching out to the savvy developers here for a bit of your expertise. I'm currently considering an off-market potential deal in GA and would like to do a quick sanity check on my underwriting with your help:

• Land Size: 96 acres
• Development Potential: Zoning allows for 3 houses per acre
• Location Perks: Public water. Septic sewer.
• Market Data: New constructions in the vicinity are selling for around $750K.

Looking for your quick, back-of-the-envelope insights on what might be a reasonable ballpark offer for this land. 
What should be the value of raw land (in percentage) from a given price of a built house ($750K)? and what should be the value of the raw land for each lot once LDP is provided. 

Thank you in advance for sharing your thoughts and helping me refine my underwriting!