Development obstacles in San Mateo County?

[Parker Ludlow Imrie]

I've done some creative financing, sorta house-hacking, and reno/refi with primary residences, but still trying to find a path to my first true investment property.  Affordability is a big challenge in the bay area but I'd really like to start local so I can be hands-on while I'm learning.  I found a (suspiciously) super-affordable plot of land on biggerpockets.foreclosure.com in San Mateo County.  I spent an hour or so researching and although it's clear that there are lots of hoops to jump through to develop there, there were no clear show-stoppers.  Can someone who's familiar with the area point out any big gotchas?

I'm tempted to pounce on it; if nothing else I can sell, right?  It's cheap enough I could afford to lose it all, so it seems like a worthwhile gamble.