Development is a fun and frustrating venture, but Real Estate is still a good place to find a win.  

Obviously, two factors are responsible for what will likely be more than doubling our money in 3 years.  1.

Many developers leave the tubs without even a hanging rod which looks incomplete.

Yes, I use Zillow reporting as a start and look at other factors.

He's also the developer and this is the first house in Phase II of this development.

Investing in the market that you have knowledge of and the economic factors that support it is necessary. 

. #1 is the primary reason, but #2 does factor in as well.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

I would factor in time to travel to any market, but AZ is relatively quick compared to the east coast. 

Right now, land (unless in a hot market) takes a special type of buyer/developer to turn it into money, so you're better off finding the thing the people with the money want. land tends to sit a long time...