I'm not asking for profitability, I know how to run the numbers for that....As I said I'm asking about the price of the structure compared to other four unit buildings in the area there, and since it is a four unit you don't value it by commercial standards....

I'll let you know what I learn and look forward to comparing notes as we each enter this arena!

That quote got me to go from browsing around to taking action and thinking through the necessary solutions to get off the ground (and through this I eventually found BP!).  

If it has no well for irrigation or district water the land is dead for farming.5) horse property- this could be an option, as well as renting out as pasture ground.

Most builders have their pet agent who is constantly sourcing and here is how it goes.the agent will find the dirt charge NO fee to the seller thereby getting seller top dollar compared to some wholesaler low balling them.. and then the agent gets the list back on a brand new home.. 

Wife and I are interested in creating a multifamily property, either through creation of an in-law suite, or maybe just building a nicer MFR property from the ground up for a house hack opportunity.Location agnostic at this point, just seeking info on people who have successfully did a new build of a small MFR property?

Look at what your Interest rate is currently compared to what you can get now. and then compare that to what you are saving by removing the PMI.

The effort I'd have to put in the 2 properties just wasn't anything worth while compared to the 240k property. 

Honestly - the best place for on the ground information you are going to get is through FB groups.

Find out how much the city utilities and taxes are compared to property prices and rental prices (craigslist is useful for checking rental prices), and then see where you want to start investing with the best return on investment.