Finding the Value of a piece of land to flip to builders or build myself

[Robert Pfeiler]

I've been developing a relationship with a homeowner who sits on a piece of land hidden in a very nice residential area in Orange, CA. With a teardown the land could be subdivided into 5 or possibly 6 lots. This is prime flat land surrounded by all the utilities. The home is a very old farm home and the owner is showing interest in selling ... at least a piece of the property. My problem is I don't know how to price the land such that she's motivated to sell but is low enough to attract developers. Actually I don't think it's going to be difficult to find builders. This is a developers dream with a new home selling up to $650k. I just don't know how to go about pricing the land so to get an option on it and flip it (or build myself). The numbers confuse me. I am an active real estate agent and know how to prep comps.

Thank you for any feedback.