I don’t think judging by the land size should be the major factor of the formula. Basically, each house and each location is unique, one can only use sound judgement to determine the price one is willing to pay for any RE.
For example, a small piece of land in Del Mar oceanfront compare to a big lot in RSF (no view), which one should have a lower/higher HPM? Who cares? To each person, the actual value is different, it’s based on one’s interest.
