But that is speculation, not experience.

This is basically a pure speculation play - it is very likely that it may work out as you are expecting, but I personally wouldn't like the fact that I have essentially no control over the opportunity to make a profit. 

And then that has to be compared with how much it would cost to build/have built a suitable structure in that location.My guess (purely speculation) is that since it would have to be new construction, the return on the dollar invested wouldn't make it worth it.

(aka I need a weekend at the beach for my mental health)Unless your speculating, diverse investment in index funds (such as an S&P 500 tracker) is an easy relatively low risk thing for anybody to do - doesn't require much thought, can give you basic tax deductions, can get tax free growth etc.

To me any growing market is almost certain to be negative in cash flow and it feels more like you’d be speculating and hoping for appreciation and rent growth.

@Karl Kauper If you want to keep it local here are a few options for you in the $200k price range (If you could provide more details on what you're looking for the answers may change a bit)Trenton/Camden NJ- There seems to be a lot of opportunity there but the real $ will come when the areas are further into the revitalization processNewburgh NY- Theres a lot of speculation on when Newburgh will actually "Happen" and become the next (insert up and coming city here) but I have a friend up there that invested about the same amount that you are contemplating and he appears to be doing wellPhiladelphia (Philadelphia outskirts)- Heres another area where people are doing well with a similar budget taxes and laws are very investor friendly as well.If you are looking to use $200k as a downpayment to buy something larger in hope of reaching scale faster then the conversation looks different, Lastly be creative with the budget and explore other options short term rentals and single families are just a few often over looked ways to build your portfolio and to start to collect cashflow

There is a paved public road (which means plowed) that fronts one entire property line so there is direct access from the road to several speculated lots.

You want fast, you are closer to speculating than investing and your risk skyrockets​."

However there is some reasonable speculation that checkbook control IRAs will come under severe scrutiny of the IRS in the coming years.

No sense is putting money into something that is speculative.