Here's a general overview:130 acres of land split between two parcelspreviously operated as a golf course until the owner passed away; it has since been shut downalready has a septic system for the club house/restaurant that has been maintenanced regularly (not sure how many homes it could sustain)land was evaluated by a developer, but was written off due to a lack of public water/sewagetownship told me (not in writing) that public sewage and water will likely go in within 5 yearsthe land is aesthetically pleasing with rolling hills (slight grade) and a few pondsOwnerswell off financially; want to sell but are in no hurry; they are considering a few optionswilling to work out flexible terms: owner finance, lease, lease optionrequire that in the event of a lease or payment delayed owner finance situation, that the taxes are coveredLocation2 minute ride to the highway11 minute drive to a Walmart Supercenter$93,000 median home sale priceone hour outside a major metro6.2% unemployment rateStartup Capital Required: Property taxes through-out development of first phase of MHs until income producing; then split profit, begin payments, etcEngineering plans for 50 homes (expandable to 200 based on demand)surveys, environmental assessments, permittingdesigned to eventually tie-in to public water and sewageConstruction of lots, roads, and foundationsPurchase of new homes to be sold offI believe there is a significant demand for a family friendly park, retirement community, or both. 

If you are making substantial improvements with the intent to sell, won't that kill that capital gain element?

The property had multiple building court cases against it and was basically totally open to the elements and vagrants.I spent the last four years repositioning the property and doing just about every legal maneuver you could possibly have to do to the building.

One of the common elements of most successful entrepreneurs is finding a need and filling the need.Secondly, learn everything there is to know about the community, the people who live there, the major employers, trends, attitudes, the thoughts, considerations and plans of government agencies ...

I thought contractor rates would be more due to dealing with the elements.

When people hire my company to help with apartment purchases, they often want a Phase I Environmental Site Assessment, Asbestos Survey, Lead Survey (if built before 1978), Mold Survey, and Property Condition Assessment. 

If you contact your local environmental protection office, they should be able to explain what needs to be done and the potential cost. 

No crystal ball; just the perception that the white collar industries that drive demand for housing in our upscale areas (our niche) will continue to do well and that the desire for young families to move to the suburbs will remain a strong element of demand.   

Most of these item I would think I can catch pretty quickly, but definitely will test for mold and ensure that state/local health departments (specifically environmental health) certify clean.

RE is only one element (a large one) to our economy. those to be served include everyone and there are no subsets of people that effect the economic base of RE.