Property development is a business. Very lucrative one!!! If you look at top 10 billionaires on rich list of most countries, you will see one or two on the list with property related business. Number 1 rule with Property Development is keeping the emotions out of the deal. For me location, price, spec, product is somewhat irrelevant. The Simple formula is: Land Acquisition Cost+ Total Development cost + Soft cost + Margin = Total Resale value (based on current market, adjusted with upward/downward trend). If you are looking at deals/sites/feasibility studies, apply above formula. (Regardless, your intention is to keep proposed development or not). keep business head on and always follow your business plan. It is very easy to fall in love with a property which is not going to get you the best return. Just because you like a property it doesn't mean it will be the right type of property to develop to either sell on or rent. You should have a list at hand with what you require from the property and stick to it. "I am doing a small project to learn property development regardless if i make profit or not" is an invitation to problems and stress! Try and avoid it.