Also If it’s a dorm, I assume it needs to be near a university or college. Some land is not suitable for a large building without putting down a lot of extra foundation which will drive your cost up, so you will also want to look at soil substrate. In addition, look at zoning laws in the area. Some zones don’t allow multi-unit housing. Are you making allowances for parking? Also, consider how close your land is to shopping, bus routes, etc.