Regarding getting stuff indexed, google will index pretty much anything with a couple of links into it. But what does that mean? what is of point putting something up just to get indexed. Unless it is producing meaningful traffic it is of no value.
But that's the point - the traffic itself is meaningful. Even if you yourself can't turn it into dollars often you can sell the traffic via advertising or sell the source of the traffic by selling the site itself - but the point at the end of the day is you are selling eyeballs.
I didn't say it won't make money, the question is whether it is time well spent. If you say "hopefully enough to cover the cost of construction over a 12 - 24 month period" why bother with that? Aren't these kind of sites commonly for sale at around 6-12 months or less revenue anyway? So even if you value your time at $0 it is still a pretty bad deal if it takes 12 months+ to recoup costs.
Firstly I don't value my time at $0. And 24 months is the very conservative game plan. Normally when it comes to site development I work on the premise if I don't think I can get the site to start producing a real profit within 12 months I don't invest. So that way you have a positive income producing asset at the end of 12 months if nothing else.
Also you tend to get 12 months revenue in regards to sale price when you sell to other domainers or developers whose ability to leverage the site traffic is essentially the same. Whereas if you sell to retail business seeing a physical product or service with their margins has the ability to leverage the traffic is normally many multiples of that of developer.
So I'm "hoping" that I'll ultimately be able to sell sites for closer to 24 - 36 months revenue and it still be a very good deal for the businesses.
Regarding the pay day down the road how often do you hear of a business buying somebody's mini site?
I know you don't hear of it very often, but that doesn't meant it doesn't make sense.
So often small to medium businesses go out hire a web design firm who sells them a story about all their great skills. They proceed to pay them somewhere between $2,000 - $20,000 depending on how many bells and whistles they buy and end up with a website that rarely ranks and the traffic it does receive doesn't convert because all the flash banners get in the way. Next thing you know the business has a $2,000/month AdWords budget to compensate.
Why wouldn't a business shell a couple of grand for a minisite that gets traffic for free, converts better and is simple to maintain?
Of course I'm sitting here with this theory completely untested.
I'm not saying it's an easy road, but my belief is if you can show someone the a investment that is virtually guaranteed to get them a return then why wouldn't they invest?
...but then again maybe I'm just too young and nieve to think just because the maths adds up that people would be rational.