It would be worth it to invest some time to develop/understand your local rule of thumbs for Kitchen, bath, mechanical, roofing, demo, plumbing & electrical, drywall/painting...    

The ABC's of Real Estate Investing has some great tips on evaluating markets and forming a team to help find market and submarket information that might give clues to current status, future growth, planned developments, major highway expansions, progressive agendas like building bullet trains to connect cities like Chicago and Milwaukee.  

Would love to hear what you found out about purchasing/ developing land in Perry Park.

Plus everyone puts too much weight on the $/sf cost... because that doesn't include land development, paved parking lots, curbing, stormwater sewers, possible retention pond, civil engineer, architect, etc.  

It is owned by a builder/developer who happens to own the units.

Obviously the size of the lot will dictate how many units I could ultimately get in there but this zoning designation is pretty crazy in what it allows for developers to do.

Develop a system to find motivated sellers who agree to terms with no money down.

He's employed me to list 4 private bedrooms on AirBnB, and to develop a way to automate the rental system. 

The neighborhoods are getting more and more safe through community development.

You might also be able to partner with a land developer.