If you use that parcel as a comp, you have immediately shot yourself in the foot before you even get started.This thought process is the same in an urban environment, but the tract size is fractional (dollar for dollar) so the development costs as a percentage of project cost will usually drop (making it less influential).Sitting on land has its disadvantages:- Property Taxes- Insurance - Maintenance (grass?)

Even on the high side, it's only a fraction of a percent.To me, it would make sense that the referenda is to make the school better, which makes it more desirable and the market response would be an increase in rent.

The number of foreclosures has been shrinking a lot since the 2009-2012 time period and we're seeing only a fraction of the inventory available. 

However, only a fraction of those will be somewhat interested in selling. 

Does Zillow really only display a fraction of the availability?

@Scott Kelley if you were buying in some of the high rent areas around San Francisco you would not get even a fraction of the 1% rule.

The loan recorded on each property will still show as $800,000 not a fraction of the total loan amount. 

Each one will own fraction of the loan.

They both have existing mortgages + delinquent taxes - I am wanting to see all options (wholesale, subject to, etc) I can exercise to retrieve the homes and also get more clarity on this question -Why would I purchase their home (after covering the mortgage) + tax liens when I have a possibility to win it at auction for a possible fraction of the price?

It give a lot of the look of granite, at a fraction of the cost.