How to reliably comp land

[Brady Ascheman]

Hi, I am intersted in trying to buy land and resell for a profit but I am having trouble figuring out how to reliably comp land and figure out its value due to every lot sale varying in price so much. I was curious if anyone that has any experience in this field could help me out thank you.

[Jeremy England]

I only buy infill lots in suburban and urban areas.  So comps are easy to come by.  I look at the counties list of sold properties in the neighborhood (or Zillow) then get 4 comparable lots, see how much they sold for psf, then apply it to the subject property.  That's one method.  The other is to base my offer price on a % of what new construction builds go for in that neighborhood.  As a builder,  I'm looking to pay 10% of my new home value for the land.  It's not a hard rule and doesn't work in every market but I know locally that if I get the land for 10% or less I can be reasonably sure the house will be profitable.  

Once I have a base value, I start doing a little online due diligence.  Lot to be cleared? Junk on the property?  Sewer lateral? Water meter?  Power pole?  Underground utilities? Elevation changes? 

Everything I have to pay to either get or remove I am factoring into the value of the land.  

Don't get me started on flood zones and wetland mitigation.  I screen for those so I shouldnt have to worry about them.