Seeking advice on land pricing for +/- 150 small market, single family home project?
Medium size Family Office seeking small market land deal for 150+single family home development in California...preferably in Opportunity Zone. 

I’ve been tasked with providing initial research.

Any suggestions?  

Thank you in advance.
[{"id": "fycnsws", "text": "(1) develop a generalized massing plan so you know how much dirt you need to buy\n(2) call brokers and tell them how much dirt you want to buy\n(3) ???\n(4) profit\n\nSeriously though look at rental communities SFR stuff is red hot right now", "replies": [{"id": "fycoel9", "text": "It's red hot depending on the market.  Also keep in mind [32% of Americans missed their mortgage payment ](https://www.cnbc.com/2020/07/08/32-percent-of-us-households-missed-their-july-housing-payments.html).", "replies": [{"id": "fycozmj", "text": "SFR rental, NOT sale is the hot thing. Build a community of single family homes and rent them instead of selling them, include amenity features like at an apartment complex. Cost to rent &lt; cost to own, helps bridge affordability gap, also post-covid concerns about building congregation / circulation (even in garden style communities).", "replies": [{"id": "fycvkoe", "text": "Not saying it is a bad concept, but there will probably be a vaccine well before this is built and who knows how important these features will be by the time it is completed.  I would also argue that landlords are going to be in a very difficult position for a while post-covid.  Blackstone has a reputation for great timing and they exited their entire SFR portfolio to take profits before another economic downturn. But again I don't think it is a bad concept as there are people that always want to rent SFHs so who knows.", "replies": [{"id": "fycygow", "text": "BX portfolio was scattered site purchase, this is a different concept - single family rental homes in an apartment like setting.", "replies": [{"id": "fyczd8l", "text": "Scattered = diversification. Single site = risk.", "replies": [{"id": "fyd8rkm", "text": "Single site = amenity package and economies of scale = better rates &amp; net margin", "replies": [{"id": "fyd9nz7", "text": "Still all in one location.  Risk mitigation 101 = diversification of locations to spread risk.  This is the reason Blackstone did not just buy in the \"hot markets\" and why Aspen Ski Resorts and Alterra both acquired resorts all over the world to mitigate the risk of bad winters in a region.", "replies": [{"id": "fydb5w0", "text": "Well except BX did. They Invitiation homes bought in select cities that their MHC guys were already operating in to get economies of scale. It\u2019s not like true portfolio diversification if you own 700 homes in Charlotte, you\u2019ve just spread out the units over a slightly larger geography. It\u2019s no different than if I owned 3 apartment buildings in Boston - sure id technically have diversification because they\u2019re in different sub markets but I\u2019m still at the whim of the broader markets economy. You could argue that IH is a well diversified portfolio because they had concentrations in select fast growing cities but I think it\u2019s a huge stretch to say that they are diversified in a metro through owning scattered sites in different sub markets.", "replies": [{"id": "fye5m2f", "text": "That is not true.  I actually was contracted and helped put together a team in one region that closed over 10,000 homes in a little over a two year period of time.   We expanded in to multiple cities with no previous operations and helped set up functional operations aided by regional support groups.  So diversification was not just through a single metro region, but multiple metro regions across the US.. So yes, it was true diversification.", "replies": [], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "fyd66t0", "text": "I think another issue in OP\u2019s plan is the desire for it also to be an OZone development. I\u2019ve dabbled a bit in OZone, and I don\u2019t believe I ever saw one that was fit for SFH development. Everything I touched was inner city, infill type.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]