I'm new to BP and excited to be a part of such a thriving REI community.I'm an engineer by education/career and looking to design a better life for myself and my children's, children's, children's, children's.I'm a newbie at the REI game, but willing to bust hump to learn the ropes.

Very similar to a full renovation, only an investor/buyer would hire an engineer to verify inspections with the municipality to ensure they've been completed as part of their due diligence, in addition to verifying the ARV.  

Reverse engineer those goals and figure what you need to do next in order to reach those financial goals.  

For example, a civil engineer with extensive experience in land development could add value by taking a raw tract thru the entire entitlement process, and then selling it to a Builder.

Here are some of the major things you'll need:-Money (Equity) or the ability to raise it as a sponsor-Debt-Proper deal flow with buy-side contracts structured to minimize entitlement risk-Civil engineers familiar with the locale you'll be developing in-Architects for vertical construction if you do this piece-Financial modeling skills-Quality builders with good reputations (this one is KEY) and properly structured contracts with them-Quality brokers to exit the projects with input into what will sellThis really translates to:-Capital and access to capital-A track record to secure loans-The ability to execute with professional resources-The ability to source, underwrite, and exit projectsThere are hundreds of other details as well, but those are the major things you need.  

My name is James Kelly and I'm currently studying civil engineering at Cal Poly school of engineering in San Luis Obispo.

So in a way, it's a consensus value.However, these numbers may not be adjusted for years unless your county uses algorithms that they can apply over entire areas.  

Bablu, I am also building a 2000 sqft home now in santa clara and permits and fees and engineering services will be $25k+ so $300k for a 2000 sqft house in the south bay is unrealistic UNLESS you work full time on the project and have a lot of the skills needed to get the job done.  

@Bernard H.As a software engineer, I can assure you that these kinds of projects can easily get out of hand.

Downpayment from a paypal software engineer and a ceo of a small Chinese  pharmaceutical company.