Is lot/land for sale any worth?

[Vasudev Kirs]

Hello,

I have been looking for single-family/multi-family for investment for past few months but having no luck. 

1. Does anyone know if buying a lot is a good investment option?  
2. Do they appreciate?
3. I understand zoning is important and some of them are zoned for multi-family and others single family. Do builders prefer buying lots and building?

Any gotchas or red flags I need to consider?

Thank you!