How $305 Turned into $9,000

I have talked briefly about doing some land deals. My most profitable (percentage wise) land deal was acquired for $305 with a title issue. We spent a year clearing this up and cost about $800.00, during this time we started to talk to the college that was close to the area. They wanted the lot but only with title insurance. We got a quit claim deed and with 2 weeks of a full year had completed our sale for $9,000. Our only other holding cost were to mow the yard. 

I acquired this deal from a land bank. The property was sitting there for sometime as notices were not properly served for the tax sale. Yes we risked $305 for this deal and we could have lost it all, that was a know fact, but it was unlikely to happen. So I ask would you risk a $1200 (Total investment) to make $9,000? I encourage everyone to take a look at the deals no one else wants to do, you may find a mini gold mine.