Ideally located in a neighborhood that is close to your primary residence, and very familiar in regards to commercial and residential.Optimize your exit strategies and think about how they affect your future investment options.Time the market for both acquisition and sale.To be ultra conservative you can allocate large contingencies on costs.

So don't look at what the market is today look at what the saturation levels and pricing will most likely be when you come to market with a finished product.Don't be too rosy in your projections.This is what killed many developers who used high leverage and bought in 2007.They overpaid for the old building or land,used too high an ltv (90%),and had high rents expected on the cash flow which skewed the projects anticipated returns.When things finally came to market debt service was high and rent income was low and many developers with non-recourse walked.Today everyone wants to nail you to the wall to lend any money so you have to be ultra conservative in your numbers.

Pretty much $1 per square foot unless you go ultra high-end which gets about $1.50 (the high rise apartments near this property are getting that).

My ultra mite goal is to have passive income through buy and holds.

I've always wanted to run an ultra though, so maybe I just need to train for the Pounder.Maybe next time my wife and I are in your area we could grab coffee/beer in Portland or on Chebeague Island.

Then you come in and tell everyone that holding RE long term is for suckers (not an exact quote) and only the ultra rich needing some write offs should do that - absolute nonsense!

Especially with bank REO properties, I make very large EMD's to show them I am a "real player" and not some joker trying to get ultra creative and forge a POF.

This is a very desirable SFH with a view, great schools, ultra low crime area. 

Please tell me I don't have to hire an electrician to do what should be an ultra-simple little chore!

Those who have wealth often take less risk with their capital after they've accumulated a lot and look to preserve what they've accumulated by investing in low cap ultra safe investments.