In early 2012 we began to see a following trend developing in our area and made a short list of the attributes a property would need to be of value.

I ended up making a very healthy profit on the deal, and 100% attribute it to the foundation issues.Just be certain your mason has experience with fixing this issue, and really go over it with him.

Has several attributes I look for.

This strong attribute is being reflected in the current Cap rates around the Boston metro areas.  

They attribute this to construction costs being the same across all markets while Cleveland has comparatively low rent.

That single difference is attributed by my banker from the 7-year performance history of my portfolio with equity and reserves in the 1 LLC, those numbers would be diluted if I had new LLCs for each property.  

Even with the 10% kicker the appraisal value is significantly less then I could sell the property for (our typical buyer is an investor that would base much of their purchase price off of rental income), but given appraisal value comes from comps of which there aren't many, and given rental income is correlated with property attributes that appraisal value often doesn't line up with, so is life.

Those may be able to be attributed to human error and miscommunication.  

When looking at comps how do you know how much to add or subtract for certain attributes, for example if the subject property has a sloped driveway or unleveled yard but the comp properties do not, or corner lot vs non corner lot, subject across from multi-family comps not and so on.  

., but that may just be attributable to the markets where I've done most of my business (I suspect some areas probably see more traffic for this sort of thing than others, and most of my work hasn't been in the "hot bed" of the SW US).Honestly though, even with the slightly increased interest in vacant land over the past few years, it's still a massive market with a relatively small number of investors who are actively pursuing deals.