No one wants to be the first person to buy into something speculative. 

Of course this is speculative, but it doesn't cost a lot to get in and find out.   

Even if it's just your speculation and a why you think the area is growing would greatly help my research!

Appreciation is a speculation..

@Henry Tse, Yes, it works most of the time, but then you are speculating, more than investing.  

Which may be a reflection of 100% perfectly accurate numbers drawn from where and how the founders got started (speculation on my part). 

Before the last housing crash there were speculators and flippers who ran the market up.

Pro: Higher day one cash faux.Con: You need to hop on a plane (or long car drive) to visit your property, which leads to ...Con: You are less familiar with the market.Con: You are 100% dependent on complete strangers to make or break your investment for you and keep your best financial interests at heart above their own.Con: Can't easily verify work is being completed in a quality or timely manner.Con: If problems do arise, it will take you longer to find out and they will grow larger in that time.Con: If something goes wrong that your team can't fix (or in all likelyhood caused) then it is harder to for you to step in to fix it, stabilize the asset, and recover.Con: Lower appreciation and rent growth ... if you think this is speculative and not consistent, then review the last 50 years of price trends in the market you are in now vs the out of state market you are considering.Con: Lower tenant quality.

I wouldn't call these parcels a "buy and hold" but rather a "speculative" investment.

Invested in nothing but solid blue chips, no speculative investments.