I would almost say that of the four areas you listed, you should strongly consider focusing on which one is closest to you.I would also say to be careful about partnerships.

Class A apartments are normally located in area of city closest to best restaurants, shops, etc.

I believe LCPIA is the closest to Mundelein.

But that same idea would yield considerably more if I applied it to the closest neighboring town where I was paying $2.25sf for restaurant space and residential rates are 63% higher.

I'm doing the research on it as we speak.And @Brian Garlington the closest comp I can find is a property that sold in may with similar size but half the beds, half the units and one less bath...and that sold for $130,000.

The back yard realistically would need to be cleared and graded, but we have a brook that runs through and cuts the yard in half so I figure we have to clear and grade the half that is closest to the house but the area that is beyond the brook can stay wild and woody.

@Jordan Blackwell as you and some of the responders mentioned hypothecation is probably closest to what you're getting at though the practicality of successfully doing so is likely far less than BRRRing with real property.

However, it's still the closest thing to "Vegas" on the east and seems to be pivoting towards an event/vacation driven economy. iE hosting concerts, conventions, sports tournaments, amateur fights, ect.What are we missing here?

We are in a dual agency representation with the real estate agent and she was pretty forthright about how she valued the property - it is basically based on one lot comp in the same town from april, she multiplied that x2 (the lot is a bit over twice the size of the other lot that sold recently) - there have been no sales of land since then and the closest one before that was a full year ago.

Or your purchase is the closest comp and true value won't be reflected.