Also title to figure out if the land can even be used for a particular purpose.But to answer your question regarding value, a decent metric is the current tax assessed value of the parcel:https://sdat.dat.maryland.gov/RealProperty/Pages/default.asp...Or you could pay for a broker price opinion..

I like your view point that there isn't a right way to do business, that each needs to figure there own way.  

I know they won't say what the client's Coverage D policy states, but I'm sure with the right kinds of questions you could get enough info to figure out how much they might go up to.

If that's not the monthly income, you are arriving at your cap rate by using incorrect expense ratios/expense figures and/or the property benefits from an extremely favorable tax abatement which skews the operating costs.

Eventually I figured out that if I sunk all of my cash into properties, I wouldn't be able to buy any more for a long time and starting using some leverage.

The depreciating asset is already factored into my investment strategy.It will take me a little while to save up enough money to get something, so I have some time to figure out what I want to do.

Lots of people on here want to knock concepts like the one you are asking about, but in my experience most of those people haven't even worked through those kinds of companies or bought properties, so focus on the ones who actually have (if you can figure out who that is). 

If you figure it takes a few thousand to build a new bathroom, but you can charge an extra $50 for that room.

Quote from @Hector Espinosaor Espinosa: Quote from @Jared Smith: I would tell myself to figure out how to buy it if it is close to making sense and don't squabble over an extra couple thousand dollars that you are only paying 20-30% of at close anyways.

If there are barriers that limit similar supply and you figure out how to get the housing units online, even better.