The condition of the unit is one factor in determining the effort, but the tenant can be a larger factor.  

That being said, determine the markets you want to invest in and start searching there and building a team (REA/lender/GC/PM). 

Determine how much funding or collateral you can bring to the table. 

My guess is you’ll be able to size up those lots pretty quickly and determine if they’re buildable or even worth building on or not which others will struggle with.Best of luck,Jon

You can easily determine neighborhoods by the tyical price point and for you as an OOS investor it does not matter so much whoch side of town you are on.People tend to have rose colored glasses when it comes to neighborhoods.

Anyway, in short I guess I'm trying to say is figuring this out is similar to those people who try to determine the "hourly pay" for those compensated on commission (e.g. real estate agents) which doesn't work w/o a detailed analysis of all the behind the scenes work and the effective overhead that would be required to consider the time/deals that don't close.

Determining the cap rate for a package of 57 individual properties will take some art and be heavily discounted relative to contiguous units but it can be done and that's been one of two possible exit options all along as you built the portfolio. 

I can't determine if it was permitted work.

There is only so much you can do to a bare lot to increase its value,  prior to the house site being determined. 

I am living proof that with determination, hope, and constant work, the ability to move, mentally emotionally, physically, and professionally, in a positive direction can be done.