Sit down with them awhile and do some detective work, too, like actually call insurers, trash and utilities, mortgage brokers, tax authority, etc...Your calculations will only be as good as the raw numbers (and I find sellers may give rosy estimations sometimes, rounding income up and expenses down)...

Lots in streeted/ utility areas are only worth 5-7K$, huge supply.

.- it's always good to see another Hoosier utilizing this great site!

Right now I'm just looking To flip the land.The property is 14,000 sq/ft with sewer & utilities at the street surrounded by very similar lots & houses in the neighborhood.

I never noticed fire hydrants until I worked with public utilities, now I spot them everywhere and can rattle off the brand and (approximate) age without much difficulty. 

As others have said, it's probably best to utilize your money buying one or two multi-unit buildings. 

@Jon S, most of the issues I've seen boils down to HOA / code enforcement / underestimation of utility usage.  

But above comment is probably right about tragedy of the commons effect on "everyone's laundry area" which can be a cleaning and utility cost issue and even vagrant or misuse issues..

We have a standard contract, utilize the money for a project and then pay it back in 12 months or sooner (like if a flip sells sooner than 12 months).  

Cashflow is the number you come up with after paying the mortgage (PITI) and also accounting for expenses like vacancy, capex, maintainence, utilities and management.