I dont know if RI requires Home Improvement Contractors to be licensed.  

There is much more $$$ in home improvement .

The rent increases in your market will result in the cash flow situation quickly improving.  

Capital improvements that add value to the property are deductible over the life of the property.

the benefit is they specialize in areas were the 1% rule actually works ( which it seems many investors use as their metrics for investing) and the Inventory is generally not on the open market .. although many now a days are short on inventory and you need to get on a waiting list of sorts.. 

However, I believe there are things we could do better by improving our systems. 

Very simply, your cost basis is $475k (yeah, you'd adjust for closing costs, valid home improvements, etc, but that's probably peanuts unless you did this as a rehab). 

Pricing includes pictures, report of areas that need improvement, and opinion of overall quality.

Due to higher inflation in costs, home builders are also becoming more cautious about listing new houses too early, waiting deeper along the construction process before making inventory available for sale.

You should also consider whether you want to sell the improved lot or rent it out as that will have a huge impact on your decision.