The deal: 2 separate 5 acre parcels (not contiguous, but on the same road and on the same well).One 5 acre tract has a small, very old house and 10 older mobile homes (1 belongs to the on-site, long-term property manager).  

It does look great, and is very common in California in everything from tract homes to multi-million dollar customs, but I assume Illinois is not as big on stucco. 

I'm all about second chances but my applicants have to have a proven tract record. 

These requirements essentially mean that creating a subdivision of large tracts of land (> 1 acre) are very expensive and are reserved for high dollar resell value. 

I think using a combination of census data (down to the census tract level, which is often just a single neighborhood or a portion thereof) and school rankings makes the most sense.

There are 8 duplexes on this tract and they were built in the 30's and 40's and had tenants in it ever since.

Purchase price: $155,000 Cash invested: $40,000 5 acre tract with 1 4/2 single family, 1 3/2 mobile home and 1 2/2 mobile home.

Now, instead of any development, I'm going to sell off another 5 acre tract and will be left with the remaining 5 acre tract and a custom home with an extremely low basis.

same here for estate planning. my mom is the GP with me adding about half of my assets.we have no cash flow ranch land and producing minerals mostly, dividing into smaller tracts and owner financing. using the cash flow to acquire cash flowing investments in east texas and san antonio.mom is the silent majority.

It's somewhat useful in a condo development or tract home development where the homes are essentially identical - but it still doesn't account for upgrades.