In theory, yes you could get under contracting adding "and or assigns" but really good odd's that's going to kill a significant # of potential deals.

Educate the land owner on the potential profit run the numbers and go over the basic proxy and blue prints.Make sure you have a seasoned and qualified Builder/GC because they can be a deal killer with wasted time and inflated material and extended completion dates.

This is largely due to the fixed nature of ongoing maintenance costs, which become proportionally more impactful as the park size decreases, thereby inflating the expense ratio.

I feel like I'm drunk as every one is not level or taken at an odd angle.

Inflation.

The cost of labor , materials , property taxes , inflation , interest rates  etc .

A market like Boston has a long track record of appreciation in excess of inflation/cpi.  

@Jonathan Small government actions have led to an unprecedented 40% increase in the money supply, 50-year record inflation, record increase in interest rates, bank failures, credit tightening, CRE recession, housing affordability issues, mobility issues, inventory issues, and massive impacts to the world economies, every investment class, and our families, kids, and friends like never before. 

Generally speaking, if you borrow money at 7% interest and your investment is earning a 10% return, 10% - 7% = 3% and you are not growing faster than inflation.

Even the stagnant growth cities still tend to appreciate at par with inflation and see rent growth, so I wouldn't count those out.