Storage units, industrial, raw land, development (a form of value add), zoning changes (a form of value add), office, hotel/motel, NNN, etc.  

First step is a free call to the zoning board to find out what you can do with the land.

For these properties, I’ve calculated the Net Operating Income (NOI) based on 100% occupancy, then subtracted approximately 33% for expenses.Storage 1Unit Number: 105Size of Land: Litter under 1acre, probably not expandablePopulation: about 34K within 3 miles,Population Growth: 2-5% per yearTraffic Count: about 4KRent at 100%: $110KProjected NOI after deducting 33%: $73.7KAsking: $900KOffer price: $730-780K?

There are things I didn't mention such as process of buying land, negotiating the lease, insurance.

It adds little to no value to the land.

A few make it big and a few astronauts landed on the moon too.

We wouldn't be able to land deals at such prices, able to cash flow, without going through the number of properties we did. 

Also, we just landed another deal so that gives me an excuse to stay focus on stabilizing this asset in the next few months. 

It will get tougher as we roll into 2025 to land a good deal in a market with lower rates and triple the buyers.I do agree though apples and oranges from a typical angle if had only been .25% and if the 10 Year was still above 4.25% but it allows for MBS to open margins on primary homes, FHA/Ginne Mae yield are highest of 2024.

Technically if the knob and tube is in good shape, you should be fine.