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Baguette, it's all about the numbers. Basic strategy = Buy, improve, sell. Profit = Sell - improve - buy - holding costs - taxes. All the information is there to answer your questions, just think about ways to optimise the profit by maximising the sell price and minimising the others. (For...

... except the proven successful strategies have been ruled out -- renovate, subdivide, develop. If you don't do something to add value or improve yield then you're relying on the market to make the money for you. You could be waiting a while, then your holding costs start hurting. :(