Is this a deal? Vacant Land In Columbia, South Carolina

[Matthew Bailey]

Hello, I'm looking at a 0.36 acre parcel of vacant land in Columbia, SC.  A home used to be on it that burned down a few years back and it appears the land has been brought back to "raw land" status minus the sprinkler system.

I could use a hand evaluating this deal from a spec builder's perspective since that's who I imagine I would be selling to once I purchase it.  I often buy and sell rural vacant land but this infill lot has me questioning my pricing.

I see a few other lots in the surrounding area that are for sale for 10k but one (0.26ac) is from a tax sale so I don't think you can build and get title insurance so that's why it's priced like that.  Another is 10k (~0.25ac) that still have the foundation.  There's one for 12k (0.43ac) but it looks like it's in a wetlands area.  Then some more 0.25 ac lots that also appear to be affected by wetlands.

Besides those ones that I think have issues, there are two that are on small ponds that are for sale for 25k (both ~0.25ac).

I see that there are a bunch of new construction subdivision builds going up with houses selling between 200-220k.  I've heard that for a spec builder they generally want to spend 20% of the sale value for land, so for this property that would be about 40k.  I'm thinking I could buy this lot 10k (currently under contract) after closing costs and sell for 20k.

Is anyone familiar with the area?  Does that seem like a good plan?  I'd love to talk to some home builders but the ones I've called only do contract work, nobody buys land and builds that I've talked to.