Return say 20% to 100% Both Cash flow/Appreciation, Risk moderate, Knowledge high, Customer Interaction- High, Time Commitment- Heavy upfront, Light ongoing.Developer- Takes a more raw asset and adds value through ground up creation or adaptation.

@Moe Khan Some answers:- Yes, according to IRC, raw land can be used for a 1031 exchange.

I'd like to get on the other side of the deals for a change and want to try to find some raw land that would benefit from beautification.  

Then add to that regularly...headed toward about 6-months rent.We just had a basement awash with raw sewage. 

Purchase price: $24,000 Cash invested: $75,000 This started out as a raw land deal.

But I would have to pull raw data to answer your questions.  

.), tool rental, supplies/raw materials (paint, caulk, ...)

Augusta is seeing rental rates rise and raw houses price rise due to investors buying there. 

I have read that single story storage units will have roughly 40% rentable square footage from the total raw square footage (if all 14 acres were built out it would be 244,000 rentable square feet), and that construction costs will run in the $50/sq ft range. 

There are a few exceptions: raw land, timeshares (vacation??)