You do need to be bit of a psychic and attempt to predict the future though lol. 

You could also maybe do your own heatmap around cashflow by taking the predicted cashflow and mapping it via google maps so you know when a property hits the market in a vary attractive neighborhood. 

Interest rates are predicted to rise with the FED likely raising borrowing money by 25 basis points in December.

So they can predict what a best and worst case scenario is versus the little guy who can't do anything.

Do some research on what the predicted appreciation is for 2024 and beyond in the areas you're looking.

The issue is the land has limited value as is and there are costs but no real income.Later when the deal is more predictable then the lenders will step in with construction financing.In many places the folks investing in raw land are either farmers primarily or they are people with more money than things to do with it.The really savvy investors use options and other ways to tie up land without having to put a lot of cash into what is a black hole until the future arrives.John Corey

I predict they offer to settle with him for $3500.00.

In commercial property it can be an educated guess becuase the value is based on the cash flow.However the value of SFHs is much harder to predict because a homeowners desire to live in a particular area can drive the prices up well beyond what makes sense from a cash flow perspective.My point is that yes you can use IRR to ehlp calculate the total return from both cahs flow and appreciation but it is as much an academic expercise as it is a practical too for SFHs.

No one can predict the future.Example: back in the day, having wood floors was embarrassing because you couldn't afford carpeting. 

You cannot predict appreciation.