I think the play would be buying a property that needs some rehab and you can split off a new lot due to new lot sizes and setbacks.

Some carriers offer loss assessment insurance, which can come into play when the HOA experiences a large covered insurance loss, such as a hail storm requiring roof replacement or a fire requiring building replacement.  

Quote from @Jaclyn Spinelli: Quote from @Aristotle Kumpis: Are you looking for more of a cash flow play vs appreciation? 

This typically comes into play with big banks (Chase, etc) who are buying the loans to place them on their balance sheet.

I I am playing with different scenarios and want a back of the napkin number I will use https://www.omnicalculator.com/collections/real-estate.

I knew a developer before the exception for being near mass transit planned to build 4 units but was only able to build 3 units.  

Buying raw land near brown field could be a good long term play.  

Had very interested person who is an adult female almost 40 with no employment history to speak of (acting in plays, etc) but nothing for several yrs living with retired Dad. 

Again, this is where weekly email newsletters, monthly physical newsletters, etc come into play.  

It's pretty plug and play and then when you get the full report, it's all in one PDF.