So if you TOTAL project cost, land + construction, is 10mm if only using the land it would need to be worth at least 3.5mm.

I would rather I be there for any given project and not the tenant.

Lastly, any new home builders and/or modular home builders in NJ who would be interested in a project like this?    

Project management, SCRUM, additional users would be amazing but a secondary requirement. 

I would certainly rely on a real estate agent to pull true comparable rentals in the area (as opposed to any kind of "Zestimate") to know what your projected rents might be.

-Projected monthly rent = $1,300-I calculated 5% for cap ex, property maintenance, vacancy, and $95 a month for property management.

I only have to do another 640 million in annual sales here locally to over take them :)  Anyway I am closing on a 90 lot project beginning of December and if we can keep the velocity going that should move me up into the top 20.. 

Its always easier to do a project close to home.

There are some areas that I don't like driving through during the day and I've spent a lot of time working in the projects in other cities. 

The threshold for STR with FDOR (known by most as the sales and use tax enforcers) is 6 months so I keep a clause in my leases that if they move out before occupying the property for at least six months they're also on the hook for paying sales tax on their rent (6.5%  in Orange Co. but varies from 6% to 7% depending on local voters funding their favorite projects with the amount in excess of 6%).