Local conditions here (South FL) are showing a fast paced market with less properties for sale than anytime in the last 15 years. 

Many undersung areas in FL are predicted to do well in 2021, but I see Lakeland more than others lately and have an investor who just bought there.

The past few years i have been shoveling most/all of my capital back into the properties. 2020's tax filing came in at a loss of 10k after all the deductions. 2021 is looking to be not far above break even.

The strongest evidence is if you turned a shovel or not to subdivide these lots. 

If the project is not entitled and shovel ready you are looking at pre-development bridge money.

I gave it to them a bit below market, and further discounted it because he's going to take care of the shoveling & lawn at this property.

Grab a shovel.

To me, if it meets my COC ROI, I'm looking at cash-flow per structure, and since mine are small, I need more per unit to protect against a new roof, a bad winter of plowing/shoveling/damage, or other bad surprises. 

Part of that extra care often means the tenant will take care of maintenance like shoveling the driveway, raking the leaves, and mowing the lawn.

Suggestion, see what the value would be to make shovel ready and weigh out if this is cost benefit depending on your approvals by right or by variance.If you need any assistance, let me know if you have any questions.Regards,Joe Scorese