I do both, but to me, development is "curb down", ie: roads, grading, clearing, utilities, stormwater, etc... construction is vertical construction, or "curb up". 

C grade neighborhoods.

I had a visit form a grading inspector  when I wasn't there.

Compare that to your estimate from the PM & decide on what grade of improvement to your property.

Finished Loft, New carpet and lighting.Bathroom, Ikea sink and faucet, new tile, lighting.The plan is to live here for another year or two while my wife finishes up her pharmacy residency then off to wherever her job takes us (hopefully stay in Utah.) 

Basement SF is valued at about 50% of the above grade livable space, if they are both finished to the same level.

I have a few homes in grade school neighborhoods that do well.  

Please contact me, I'd love to go to work for you looking for investment grade properties. 

I recarpet ed with mid grade nylon the upstairs, and put modern click vinyl downstairs.

Not only is the sewer deeper but it must be placed at an Exact sloped grade, with thoroughly compacted fill/stone underneath to prevent settling.