@Steve BergeronSteve,We're getting ready to develop a piece of high density zoned property as well.

I have been researching the Huntsville market for some time now, and one day I realized that there were a lot of rental listings on Zillow that had been sitting for more than 100 days, which is a red flag to me.

The land, zoning, waste disposal system, in ground oil tank, elevations, liabilities, encumbrances, lot size, setbacks, and other issues that may have impact on an investment decision and any value add opportunities or lack of. 

Does your zoning allow it?

I own vacant lots in a Qualified Opportunity Zone.   

A lot of the suburbs literally will not allow 2-4 units buildings per their zoning. 

If you have liquid reserves - say $10k +, and IF the property is in good, not average, not fair, but GOOD condition, and the property is not in a “war zone” and not in a declining area, and the property is not in a city where it is or can be subject to rent control, then you might have negotiated the deal most investors strive for but seldom achieve. 

Get out of your comfort zone.

Beautiful and picturesque, adorable small town, Land is in a preservation zone, but there are ways besides subdivision to make money on land.

That's sort of funny, sort of a red flag for me.