This is important because it determines cap rate target.So rent 483 unit X 3 = 1,449 monthly X 12 = 17,338 expected gross income.No landlord utility go by 50%Take 17,338 divided by 2 = 8,694 NOI before debt serviceSo a 10 cap rate would be a purchase price of 86,940 and this is assuming there is no immediate capex (repairs) to the property.

Determine the ARV for a finished home comparable to what you'll buildSubtract selling costsSubtract construction costsSubtract land development costsSubtract acquisition costsSubtract carry costsSubtract your desired revenue= property value for you.Comps are irrelevant in land buys UNLESS your property valuation is greater than a comparable property.

At this time I'm not looking to generate internet leads from a website, just to round out my marketing.Have you seen any that you found appealing?

Since ARV is a moving target (changes every day) appraisals are a way the banks/lenders can determine the "official" market value of the property.

Take a look at my second post in this thread:http://www.biggerpockets.com/forums/48/topics/70693-its-feb-2012-what-did-you-accomplish-in-the-first-monthAlso, do an Internet search for "ROBS 401k" for more info...

How do you determine what the max amount you could set for rent and still get section 8 tenants?

I would recommend checking with a loan officer to determine if you could get one with a legal separation.

Your local laws will determine what measures you would be required to take should the present occupants choose not to move.

Willie: go to the internet site for your county and look at the county auditor site.

Your expectation combined with what the market dictates for that particular deal is what I'd put your energy into.If the offer price is way under the asking price after determining your expectations and the market, then so be it....hold your ground.