Found a buildable lot in a gated resort community  seller is just wanting to get rid of after 13 years (seller is older and not using amenities any longer)   Lots are cheap, couple grand   Seller only used it for owners rights to play golf, pools, tennis etcWould cost me closing costs, $50 month hoa, $50 year taxesIs there a market for something like this? 

I know in ATL with its bad traffic .. lots of folks moved out of the city for the burbs then 10 years or so ago infill became the rage as folks tired of bad traffic wanted back in the urban areas with less commute time.. not sure where it stands today.I know personally I am a little worried about moving back to Vegas in a Few years even though we are in Summerlin in a gated community etc etc.. still things go on there..

Is your property in one of the resorts (Champions Gate, Storey Lake, etc) or off in a private neigbhorhood?

Be thankful that some of them are self-sifting out of the rolodex before they even get out of the gate.

Should I be looking for undervalued properties that cashflow out the gate at a 7% interest rate or should I be looking for one's that cashflow at a 5% interest rate and then wait for the rates to drop?

I believe your first is the most important because if you make a mistake out of the gate it is harder to do a second.

@Michael I certainly understand that a 30 year pro forma is just a guess and put little weight into property value or rental income in 2040; however, I am curious about the year one pro forma and wanting to make sure that I have positive cash flow out of the gate.

Suppose you could put it behind a barrier parking gate with a cc on that

You shouldn't have to be Bill Gates to get benefit from it. 

Brand new construction with traditional boveda ceilings, professionally designed and decorated, 100% turnkey for second home or Airbnb. 25 minute walk to the historic center and in gated community. $200,000 USD