Are your utility estimates only for your common utilities?  

There is not enough numbers there to give you an answer - but you will probably be paying 400 in mortgage, then taxes( looks like probably 200/m), water, sewer, maintenance, insurance, utilities. throwing a rough number out there i would say you probably would have about $900 / m in expenses, so you could make $400 / m. can always try and negotiate a little lower to make a little more.

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

I'm now down to $240 for the entire job I get to keep to feed my family, pay my mortgage, pay my utilities.    

That is good that you are on city utilities.

I also utilize a self-directed 401K and at times use private investors or hard money.  

To determine the market resale value, utilize Craigslist, Land Watch, Land and Farm, EBay, Zillow, and/or any other other online resource to collect comps for vacant properties of similar size in nearby areas.

Is there a requirement for MFU to utilize public water and sewer and does said land have access to these?

Commercial projects often utilize AIA agreements and new home projects, may differ too.

There are so many nuggets of wisdom that I have learned through the podcast already it is ridiculous.I am currently looking to utilize FHA financing to buy a slightly depressed property (due to mismanagement, etc.) and refi/flip out of it to build capital for a larger property.