@John Lewis to clarify and make sure I understand; Your a new agent, and in a brokerage where nobody knows development, just Ag, Rec and vacant land.

I'm an agent and investor, but I want to learn more about this kind of development.

If you are serious about do the development, make sure you find a quality builder (no pun intended haha)How did you manage to acquire the lot next door? 

This deal was presented to us through a developer friend How did you finance this deal?

Land often comes with restrictions like zoning, environmental, ability to perk, whether utilities are available, cost to develop etc.  

Quote from @Devin James: 1) Inventory is drying up- Build-to-Rent developers stopped starting new developments when rates spiked, and that slowdown in starts will hit the market soon, resulting in less inventory.2) The rent vs. own equation is upside down- Usually its cheaper monthly to own than to rent, but today that’s not the case in many markets.

Yet another decent deal on a Roku TV! 

My properties are in Pittsburgh and I have found that Zillow and Apartments.com to be decent tenant lead generators. 

If you sift through listings hard enough, you can find decent homes with guest houses or ADUs for around 400k. 

It will probably take a big pile of money to be a real estate developer.