If money is no object, Weston, Dover, Newton, Wellesley are all very nice - and very expensive. 

Here's a script you can use next time you get hit with the POF objection:  "Ok...

If you have a 760 FICO and no debt, and then suddenly take on $400k in debt, you are in fact objectively less creditworthy until you prove you can handle the new debt, and your FICO score will reflect this objective reality.

But fundamentally I know these costs for land development always exist, in all markets at all times:LandUnderground utilities, wet and dryMass gradingRoads, sidewalks, curb and gutter, signageDrainage, i.e. the building of detention/retention basin, spillways, and/or underground drainage structures (usually under the street).Development impact fees related to land (does not include the fees that you'll pay to build each houseFees:Park feesTraffic feesDrainage basin/district feesWater basin/district feesANY AND ALL OTHER FEES THAT EXIST (see below, ask and ask and ask) WHATEVER THEY MAY BESoft costsDesign and engineering costsPlan check fees for your final plat map and engineering plansPlanning application fees if processing a zone change or general plan amendmentEnvironmental studies, investigate endangered animals and plansPhase I, II, and III environmental studies, i.e. toxic and environmentally impact soils conditionsThe most important thing to remember, is that this is and must be a flexible list, not fixed and objective.

@Andrew Malina It depends on what your objectives are.

Mine is zoned for 2FR and a converted basement, even if it has the right window sizes, number of egresses requires a variance, which requires a public hearing, and with the local homeowners association coming in with its objections.

The main objective is to lock in the low property tax assessment.

I have been contemplating Real Estate Guys Radio, Joe Fairless, Cardone, Michael Blank, or any of the other big names for a conference to attend.My primary objective is to learn from a passionate investor that can also provide a positive shift in mindset similar to RDPD.

They do not want to push top market rents because when tenant hard times come or new product that is better opens up tenants tend to move to the new shiny object especially when paying top market rent.

I would be cautious on using subjective criteria when screening tenants (ie. seems nice) and instead use objective screening criteria, as well as pre-screen all tenants.