As you can see, there is very little undeveloped land remaining in the valley.Inventory - The chart below comes from the Las Vegas MLS and includes all price ranges and configurations of single-family homes in the metro area.

My recommendation is if it is possible to talk with someone that has done a rehab that fits the 2/1 configuration, review what was done in that completed project so that you can compare against the house you are looking at then converts to a square foot number.

Let’s say we can get 10 lots out of the 6 acres due to drainage, land configuration etcAgain with a total cost and 100% profit of $340,000.  

I have two of my homes that are configured so I am responsible for utilities.

Thanks for the reply...it is a side by side configuration.

There are a few properties in the same neighborhood that sold for $190 -$210k with this same configuration (3 bed / 1.5 bath around 1,100 - 1,200 sq ft) with the basement as an entertainment area and full bathroom all in the last 6 months.

Not saying it can't work, though. 1/1's and 2/1's are a very popular and affordable configuration. 

We believe that the ARV could be between 220k and 250k, but openly admit that neither of us has much experience calculating this (we're just going off what our agent said and what some other nearby turnkey properties of similar configuration have sold for).We're open to ideas.

However, there must be an additional document that more specifically describes each unit, and the common interest percentage for the various size and configuration of different units.

You want to make sure they have a solid HOA or COA and1 BR sleeps 6 (with bunks) is probably the best configuration here for year round occupancy.