I am sure there are plenty of cash buyers looking for deals at 65% ARV.

Purchase price: $615,000 Cash invested: $630,000 Sale price: $1,500,000 New Construction

@Shayan Sameerif you are putting down 20% cash but borrowing 80% from a HELOC, i still think you won't cash flow.i also get nervous when people throw out entire states. 

Always budget extra for surprises.Skipping Permits – Even small renovations may require permits.

It may make less cash flow/ per month but in may cases in the long run after PM fees and Repair costs, many times it turns out similar.   

For this being your first project and it being around two years, you want to underwrite in a way that minimizes your risk and maximizes your cash flow.Key Considerations for Underwriting This Deal1.

It would be nice to cash flow and I assume that is rare so appreciation is the goal within the next 3 to 5 years.

to cut to the chase land deals normally need 50% cash down.. then lender will do the balance short term unless its ag land.. 

There is risk that the parties won't agree to return the cash held in escrow.  

So any cash flow is a return of infinity%.