The 8.5 acres actually consists of 2 long, narrow parcels, and our local officials have told me that the parcels could each be split once into buildable residential lots without being required to follow any of the residential development codes: No DOT roads, stormwater drains, stormwater basin, curbs, gutters, lighting, landscaping, etc.

A landscaper , a asphalt paver , a roofer , etc are all required to obtain the same license . 

Expenses include but may not be limited to vacancy, HOA dues, minor maintenance, landscape maintenance, property management fees, and capital expenditures (CapEX).

Different due to regional differences in the engineering specs for the utilities (i.e. one type of pipe spec for sewer in CA, another in MI), the road design, do they require you to build curb and gutter or do rolled curb, landscaping and parkway specs, etc.

They barely make 2.5 - 3 times rent.We worked on upgrading the the exterior of our building with improved landscaping, and painting the carports. 

I also run my own landscaping business.

GRADING - Look at the landscaping, can't stress this one enough.

I did some research about investing in St Petersburg Russia but the numbers and risky landscape made me pass.  

If putting $15-20k in (say, resurface hardwood floors, update kitchen/bath, improve landscaping, etc.) would let me sell for an additional $30-40k+ in a year or two, I'd consider it.

Who is making sure your PM is staying current on the ever changing landscape of fair housing.