Based on your raw inputs I come up with 28%+ cash on cash return.  

Where I live there is a good bit of raw land for sale right now and plenty of buyers.

I just don't want the cut end to be raw on the edge of the counter top

So a lot of bad/weak ideas got funded and some games played:1) Actually sold raw land as a TIC. 

@Allan Smith I don't understand what people mean when they keep saying "water lines" but a sewer lateral is not just a water line, when it breaks it releases raw sewage into the ground water.

hi there, 1507sf city center in the middle of a market area, a no car zone with subway, tram and buses even boats near by. commercial area. for 286,722 . currently huge living room with 3 bedroom one amazing shower an...

@Tyler Smith Here are some raw numbers from the MLS:  For single family in all of 43609: Active listings: 42 - Price range $12,960-72,000 (not including two big outliers) - average DOM, 88 Pending: 17 - Price range $17,000-79,000 list price Sold (last 6 months): 80 - price range $2,000-79,000, median price $30,625, average DOM 70I don't do much business at all in that ZIP, so I'm afraid I can't give you too much advice regarding specifics there. 

I still have to buy a qualified property to utilize the money (no raw land, no gutted houses?

You can exchange from residential to commercial or raw land or any other type.

The raw IQ requirements to make it actively trading are far beyond me.