The deal: 2 separate 5 acre parcels (not contiguous, but on the same road and on the same well).One 5 acre tract has a small, very old house and 10 older mobile homes (1 belongs to the on-site, long-term property manager).  

It does look great, and is very common in California in everything from tract homes to multi-million dollar customs, but I assume Illinois is not as big on stucco. 

I'm all about second chances but my applicants have to have a proven tract record. 

These requirements essentially mean that creating a subdivision of large tracts of land (> 1 acre) are very expensive and are reserved for high dollar resell value. 

I know that is a lot of digest but I'm eager to get feedback.

I think using a combination of census data (down to the census tract level, which is often just a single neighborhood or a portion thereof) and school rankings makes the most sense.

There are 8 duplexes on this tract and they were built in the 30's and 40's and had tenants in it ever since.

Purchase price: $155,000 Cash invested: $40,000 5 acre tract with 1 4/2 single family, 1 3/2 mobile home and 1 2/2 mobile home.

Near term goal: hoping to digest as much of the material on BP as I can and network. 

Now, instead of any development, I'm going to sell off another 5 acre tract and will be left with the remaining 5 acre tract and a custom home with an extremely low basis.