We also have a PLAN to improve the properties, thus increasing rents and improving cashflow.So, it's important to have a pretty good PLAN about what your goals are!

Out of curiosity, what are your plans for the land? 

I am familiar with the Philadelphia market and neighborhoods where units trade at or around $115K/door.For this to be a true 10.5-11% cap the monthly income should be ~$10,750.00 or roughly $1,800/unit.

I have another one were I optioned 120 acres that just got brought into long term planning for chips act. paid 5 million for it and spend 10k a month negative..

Depending on the construction, you have to do major upgrades on electric, plan for plumbing for apartments which may not be permitted in the area for the sewer or septic.

It would also be nice to know what you plan to do with the property once it is built. 

Quote from @Jonathan Vinas: Quote from @Ashish Acharya: @Jonathan Vinas Operating a self-managed STR in North NJ or the Catskills is feasible with careful planning.

If you plan on buying and holding in say a great pm company. 

Make sure utilities are available, and that you have tap fees included in your estimate, as well as engineering (site plan), architectural plan, and other bits you might need to consider for your market (landscaping and costs of sale, for example).

I'm currently reading David Greene's book on BRRRR and was curious about how you all go about planning or visualizing added rooms to potential purchases.