How do I find a profit in devlopment in current market. North Carolina
i am looking to purchase 2.4 acres from develop 24-30 town home units. However the numbers don't seem to be in my favor. The development would be phase two of a current 30 unit town home complex. The area is zoned and currently has sewer, water, and gas. The land is $160000. The 30 current units are all occupied with mostly home owners. Homes sold and selling between 100k-106k. It was plan to build and sell for similar price (quality and affordable housing). The construction cost at the low end($120 per sqft)alone seems to place the selling price at $144000. Not including land purchase, soft cost, etc. Is there any way to get numbers to match current area market? As stated in previous post I am a newbie. I am open and receptive to all information and constructive criticism. I'm hungry. When I eat everybody can get a plate.