I have been boots on the ground going after it. 

whats  purpose does the phase serve? 

It really doesn't take much time at all once you have your team in place who are your boots on the ground.

Is it just an open ground or whats the issue to get to $2,500? 

You are in my old stomping grounds.

I wouldn't describe this as even "low hanging fruit", but as the "fruit that is on the ground". 

I realize in some areas you just can't avoid flooding risk, but in most areas there are plenty of properties on higher ground. 

Purchased for $285,000All-In Final Costs: $375,000TOTAL: $660,000Current Value (Phase 1 Complete 12/2021): $710,000 ARV $1,200,000 based on a 5% CAP Rate.We are currently looking to refinance $700,000 (58% of ARV) to cover Phase 2 and a very modest profit.

Purchased for $285,000All-In Final Costs Phases 1 AND 2: $375,000TOTAL: $660,000 Est ARV = $1.2 Million @ 5% CAP What was the outcome?

There is a matrix I like from Jeffery Norton that uses the ppsf method and I think that is a good place to start as he has the numbers updated for 2021....however, for my own comfort I want a few GCs to go boots on ground after I have locked in a property through a contingent offer.