Our desire is to negotiate with land owner (motivated seller but not distressed) to pay for the land in 2 years time (post design-build-flip).

You need to go to the higher price points where there is a spread and the area is much more desirable to the retail customer.

We put in an offer without viewing the inside of a property due to desirable location and other investors willing to do so.  

I understand that the Deer Park area tends to be desirable from a buy/rehab/rent/refinance perspective.

However, the business plan needs to be a little better than a tuant to action.I've been looking into Baltimore myself so I would welcome a movement to turn around a middle of the road pocket to something desirable, and would be interested in being a part of something like that. 

That area south of 46th right in there is still pretty rough, and the housing stock itself is less than desirable.

Though I really hated the neighborhood, that experience helps me remember not to judge people living in less desirable neighborhoods.  

@Zach AdamsI have always maintained that the best choice for out of state owners is a class A property in a desirable area. 

Why not look where NOI is more desirable at an 8% cap or less desirable at a 12% cap?  

The area is extremely desirable in the most desirable school district.