Evaluating undeveloped/underdeveloped land potential

[Matt Zale]

Are there are any metrics for evaluating undeveloped or underdeveloped land's investment potential? Unfortunately, the 'price/sf' metric (of the structure) doesn't measure the value of the development potential, so I'm surprised Redfin or Zillow doesn't have other metrics. For example, if there's a nice 600sf 1bed/1bath cottage on 0.5 acres, with no restrictions, what's a way to measure this vs. an identical piece of land on the same street with a house of similar construction/quality but only it's 2bed/2bath and 1800sf? I haven't done my first build yet in Austin so let's say building costs are $200/sf? Any suggestions are appreciated!