We have sold about 50mm, but banked depreciation offset the gains (without having to use a 1031), so its important to note that blanket statements in real estate businesses hardly hold water, as structure is very important. 

I need a ton of help but mostly conservative costs projection to build a  5 home subdivision, average lot 1.2 acres, longest distance to run electrical wires, water lines, gas lines, sewer lines would be 1200 feet, install a double road, fire hydrant, 50-75’ driveway from road to each house, 5 street lights, cable.  

Another friend's hot tub has been out of commission for over a month while he awaits a hot tub repairman.

I know the market has been hot but this seems like a long time for this market.

You can see in the violin plot that compared to 2019, the long tail of slow-selling properties gets visibly thinner in 2020 and 2021:The closing price vs. list price graph further highlights increasing frothiness in the market:Properties that sold for the highest percentage over list:Listed 7/17/2021 for $589,000, sold 9/8/2021 for $753,000 (27.8% over list)Listed 11/4/2021 for $399,900, sold 12/14/2021 for $504,200 (26.1% over list)Listed 7/16/2021 for $524,900, sold 8/19/2021 for $650,000 (23.8% over list)Properties that sold for the highest percentage under list:Listed 7/18/2018 for $539,900, sold 2/1/2019 for $300,000 (44.4% under list)Listed 7/27/2020 for $1,950,000, sold 11/30/2020 for $1,250,000 (35.9% under list)Listed 6/20/2019 for $749,900, sold 12.30/2019 for $530,000 (29.3% under list)Wrap UpNothing unexpected fell out of the data; prices increased considerably and the Quincy market got hot during a time of historic asset appreciation nationwide.

However factor in utilities because if it is in fact "raw land" you have to think about things like sewer, water, electricity, and gas. 

The ceiling damage looks swollen due to the water from aroof leak.

Most multi-family properties do not perform well in CLT due to how hot the market.

I have three units that I need to split the water/sewer bill for.

Thanks for the reply @Nathan G. not sure if I could work into the deal to have vacant as the market in London is quite hot right now and if it were to become vacant this building would fetch a great premium.