Valuing New Construction on Paid Off Land Rural

[Shane Reddell]

Hello! Im currently putting a plan together to develop a property with some existing infrastructure. The property was purchased about 30 years ago and is paid off. Current plan is to take out an equity loan on the property (tax rolls have it at ~$300k) and use some additional cash to build 4 units, then refi, then build additional units until we have ~20 doors on the property. 

As I am building this plan, is there a rule of thumb I can use for future value based on NOI? I have the ability to get these units built at very favorable costs and there are no real comps I can find so I am at a loss for planning my development strategy with regards to the size of loan I could reasonably get.

This will be my first project and my partner's third but he self-financed the two others. This will be our first debt-financed project.