For smaller investment amounts, we often see investors providing private loans or notes to other investors for their projects, which can offer attractive returns with the right due diligence.

I'm looking at investing in land development with them with 14% return. 

Average rents are $1,250 (Again Zillow) Easily a losing propostion.

Non performing assets are why the notes are so cheap and give great returns. 

It can easily take 6+ months to find a motivated seller. - Just be prepared, because a motivated seller typically has a property with issues you need to be sure you can solve.

If I had to guess I would say your money could “develop” 1-2 houses in Staten Island but in the right market you could easily get up to 12 or possibly more good units fully paid for.

Refinancing is only a linear return, selling is an exponential return.

Quote from @JD Martin: My long term rentals may be boring but they've made fantastic returns.

Overall it’s harder, but probably worth the effort to get better returns.

While @Phillip Austin mentioned Raleigh is a higher returns its just very much a appreciation market, you will not find rentals that cashflow, so depending on your goals its a good or bad market.