They are always leased here even for the corporate stations where they have a convenience store, a Popeyes or the like and a car wash.

Does this approach seem reasonable, or am I undervaluing the property?

Hi all -- I've identified a piece of property that I would like to develop into mostly residential homes, with some townhomes/multifamily.

I found this one on realtor.com by doing a search that only showed me properties with asking prices no higher than $150k

@Tobi Isaacs this would be better answered by other investors in your market. 

If not, you're likely wasting your time.

In a market like this where properties are sitting a bit longer, buyer demand is kind of stagnant, many appraisals have been coming in lower than anticipated.

Lots of investors simply want to go "bold" on all of their projects by using sharp color contrasts, busy tiles that catch your attention, and modern lighting that looks like it belongs in a hotel.

No one should have to be ripped off like that.

If you have any questions at all, feel free to ask them here on this forum.