I guess this would be considered a "value-add" investment since it's cash-flowing from day 1, but really only works when you can acquire the raw land at a reasonable price.  

(Unless the property has more layers : like hillside… or raw land, or splitting lots etc Your costs: now that will be much different for each scenario. 

@Jas Raw   Ask some people now if the "pain" is worth it :-) I can't tell you how many people have reached out to me and people I have seen on threads now saying, "Oops, I wish I had that guaranteed money of a Section 8 tenant now because my tenants are not paying me the rent, but the bank still wants their money and as a landlord I still need to put food on the table." 

Through blood, sweat, tears, 4am jog's and raw-egg slurpies, build self into the champion, it only cost's your ever-waking focus, time, energy and dedication.

They were essentially shipped in raw material form and I had to build them from the ground up.

I am currently working on two deals that are raw land.

Some questions I do have is, for those who have developed raw land - what are some questions I need to ask, how much do I need to anticipate investing into research, appraisals, professional advice, etc? 

This is the raw deal sent to me. 

One of the rentals is a quad that we've had for over 15 years, so candidate for a 1031 to primary home but not as a raw sale.

For example, there may only be so many similar cabins within a 50-mile radius...My obvious assumption is that the appraiser includes the raw value of the cost to build the home (eg, $300K for the land + structure).