This isn't speculation.

I refer to them as "shiny objects of distraction", because they tend to be more speculative than true investments.1 - Make a plan based on what you have, and need.2 - Find markets that match your plan criteria/profiles3 - Stay on track with your plan4 - Have funYou will be amazed at how fast...and easy, all of this can be.

On a personal note, I am not a fan of speculation and my crystal ball doesn't see quite that far into the future.

On the other head, this deal might work if you think the property will appreciate in value in a short period of time but I don't like speculative deals. 

Another 5-6 have had speculation type properties at one point or another.

You can build in some appreciation, but that's really speculation, not investing. 

Caution on speculative developing raw land - - you can get burnt real bad.Suggest a marketing plan and presentation that you use to find that Anchor tenant and get them under contract before breaking ground.I'm sure you know the Anchor is the key here and w/o one, it will all wither and languish. 

This business model is based on buying below retail and value add through renovation, not on speculation about market appreciation. 

Why buy speculative values with wholesale rent rate when can buy wholesale/mkt value with retail rent rates.

Yes, over time there was good upgrades ( ~7k per kitchen) but it's paid off in both c/c and FMV.I refused to purchase a non-cash flowing property in speculation of appreciated FMV, so at 2/3 occupancy we were in the black day one.