60-100 units possible with purchase of 6 adjoining lots

[Murray Hall]

Colleagues!

In a hot British Columbia market in the Fraser Valley of beautiful BC - what filters/rule of thumb should we consider when consider purchasing four older homes (tear down and build a good size 4-6 story apartment)? (60 units 4 story or 100 units if 6 story) What are some guidelines you would suggest as we evaluate this opportunity? There is almost zero vacancy right now in our area - of course, it would be some time to get things ready and build and have ur first renters.Are there some math formulas that help? One can pay X for land to build e.g. 60 apartments or pay up to Y to build up to 100 Units? I know there are multiple variables on "what type of construction, amount you can get for rent, (here it would be close to $900 -$1,000/ month per 2 bedroom unit etc) - but on the land purchase itself what guidelines show I consider, please?

Secondly, what are your thoughts on number of units - is there a tipping point where more is better or a diminishing returns point?

many thanks,

~Murray