Now I've got a property under contract:$78K purchase$35K in development of utilities.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.

I bought a Class A (nice Indy suburban home with excellent schools) in 2013 and it's appreciated (doubled in value from 2013 to 2021) and I'm positive cash flow because of my low interest rate, 3.875%.

I was shocked to see what is going to be a nice high-rise complex about 50% complete in shambles.

Everything is nicely organized and labeled.

Should I play harder and get into land development?  

The interest rate is nice, if there was a way to increase the cash flow to ~15% or greater COC you could pull a HELOC on the property for 9% and collect the delta.again though, i would suggest selling it and trying to lock up a property or two with the proceeds that required some sweat equity, force appreciation through a reno, rent it out, refinance and repeat (BRRRR)

Provide the scope of work done to the appraiser.All you can do is your best, so make it nice and pretty for that appraiser.Especially if you are looking to cash out refinance shortly here.

It's nice to see the community showing support for STRs and pointing out that an STR doesn't solve any of the real problems.  

I recently started a small scale real estate development company here in Pittsburgh, HeyDay Development.

Much cheaper to keep it nice and cool.