Not strictly on real estate but the perspective of money helps!

I'm looking for different perspectives on a situation we have going right now.

From there, you'll have a better idea of what you can and can't do with the land from a zoning perspective. 

I can only see my perspective, and my perspective says, "it sure would be nice to pull my money back out for the next project." 

You can choose to ignore the costs for 20 years, but from an accounting perspective, it (pretty much) all works out the same as figuring $1000/year.And that doesn't even include things like siding repairs/replacement, major plumbing upgrades, major electrical upgrades, etc.

But I really appreciate your insight from your perspective.

I am looking into such deals from an investors perspective in my market, and see that value myself.  

But when I started painting—-many a small black bug met its untimely death in a fresh coat of paint.

From their perspective, for the same or slightly more money, ($130-$140's) they can build a new house to suit them, picking colors\appliances\floor plans\finishes etc, and be the first occupant.

There's no issue with a preferred return to investors from a lender's perspective.