As Raymond mentioned you can boost your returns by self managing.

Also remember any recent comps of an identical unit is listed at 1200 square feet to boost the price/sq. ft.

It's not LOCATION, it's not that there are HFH houses or Section 8s in the neighborhood, it's not lack of curb appeal, dirty carpet, funky kitchens or outdated light fixtures.PRICE SELLS HOUSES.If you don't believe this, price that house at ONE DOLLAR and see how fast you get many good, serious CASH OFFERS.

I haved taken advantage of the equity boost in the South Area.

You might want to give collateral to boost your chances.Joe Gore

With HML you may not get much more money back than DFE (due to higher financing costs from 2 closing + holding costs), but you will have less cash in the deal which can boost your return substantially.If you don't know any HMLs, do a new forum post asking other BP members in New Jersey about them. 

Of course you will need to know exactly what you can and cannot build on the land, how many parking spaces are required, what will be required in the way of setbacks, landscaping, curb, gutter, sidewalk, etc.

Land = $47,500, street, curb/gutter = $75,000, and cost of development = $150,000 ea.

Could boost rent if you installed up/down in the units or if you have an area to put in coin operated units.

You can estimate a value by location, subdivision, style of home, curb appeal and seeing what the floor plan probably is.