Land Development- How to Analyze

[Mak K.]

I am willing to take my first steps towards development projects. It can be SFH or Multi Duplex or Commercial warehouse. I want to limit on my first project to be as small as possible ($<400K) if possible to learn the trade. I am facing difficulty in analyzing what would be a potential on each parcel I look at? How do I anlayze the demand. For example, if its a land, how do I know storage unit vs warehouse vs SFH or Duplex.

I need help with creating a mindset on how to go about looking at things. What exact information I need to look to analyze potential for that property. I would hate to buy something and not have a confidence development project.