First you determine your market. Families, singles, whether you want to sell or rent. Determine what you think you think you could rent or sell for. Then you have to start investigating good floor plans. Nice masters, big closets, nice kitchen, whatever your market has done that you could improve on.
You have to get bids on what it would cost to develop, ie roads, water, sewer. In my area you can estimate 26,000 per lot for water and sewer. You have to check zoning requirements, find a builder to give you a quote on building.
There is alot to it!!!!