Other comps in the area suggest that the price per acre is around $100,000-120,000.That would mean that my land when compared to the cheapest and latest comp (the neighbor's lot) would be $255,000 ($85,000 * 3).

On a later flip I regret not testing the septic either prior to purchase or very early on.

Compare to the stock market and bitcoin, housing market is not at the stage of crazy yet like stocks and bitcoin.

Guess ill just give it  a shot on my deal and compare the info to the actual county websites.

Many of the examples I hear about on the forums in other areas are not comparable in terms of purchase price and taxes, unless I look significantly less desirable areas of NJ (Camden, Trenton, Newark).

Numbers like occupancy rates, loan defaults, etc. all remain quite favorable when compared to those of SFHs during a recession.On top of that, if you work with a good syndicator, they'll only bring you deals that will perform (albeit not to projections) in a down market.

Keep in mind the ductless mini splits hvac systems work well enough in the smaller style homes and are relatively cheap as compared. 

Your 121 exemption would only apply to the gain/profit on the last transaction....all prior deferred gain would become taxable.

Here apartment buildings are assessed {theoretically} on the value of the business where separately deeded town/row houses would be assessed based on comparative sales.    

This will give you the most honest comparable return calculation similar to NPV.