I'm curious how experienced investors evaluate smaller development opportunities before deciding whether they're worth pursuing.

For those looking at infill lots, small subdivisions, or land opportunities for a handful of new construction homes, what are the biggest factors that make you move forward—or walk away?

Obviously numbers matter, but I'm interested in the factors beyond the basic purchase price and projected resale value.

For example:

• Builder availability and reliability
• Infrastructure and utility costs
• Entitlement or zoning risk
• Financing structure
• Absorption rate
• Exit strategy if the market slows
• Partner experience and alignment

If you were reviewing a small development opportunity today, what would be the first 3–5 things you'd want to know before spending serious time underwriting it?

Interested in hearing how different investors approach the initial screening process.