Valuation Models For Undeveloped Land

[Joseph Coleman]

Hey! 

 Does anyone have any good resources they can share for how to value undeveloped land for camping or recreational use? I have talked with several brokers who have explained that road access, water access, well depth requirements, building laws exc. influence value the most but I am having a harder time ascribing weights to these variables. 

I am looking to build out a "scorecard" of properties in an area that meet my criteria. I am looking for rules of thumb and to gain a better  understanding of the philosophy behind valuing and investing in land. 

Context: My goal is to use this land for personal use and rent on hipcamp and airbnb, if I can make a 2% return I will be very happy. However, I want to buy at a fair or undervalued price and eventually sell for some small appreciation.

I am looking for help with: 

-Excel models for reference 

-Help with adding any non-obvious inputs to my valuation model 

-Rules of Thumb that can help estimate land values 

-Places to find data on past transactions, like you can find on Zillow exc.  

Any help is much appreciated! Thank you!