Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

If you paid over $375k MAYBE you could keep it because the taxes saved are so low.

@Cory Prior There are ways of doing low-money down strategies.  

I’ve already put down a $2,000 earnest deposit and paid for the inspection and appraisal.This event is unprecedented in the area, as the area is typically low in violence and considered very safe.

That being said, I'm not a fan of holding property in anything sub B quality. 

Install low profile LED lights or wall sconces.If this is an investment property you need to be thinking about returns.

From there, adding discipline will get you to where you want.Instead what you're doing is advertising you have money, no knowledge and are going to have the average BP RE agent(bottom of the barrel quality) come here to promote their services with no regard. 

We look for good school systems, low crime and desirable neighborhoods.

Should I price the land 2 times above market value and offer a low interest rateORPrice the land at current market and use a very high rate?

And like many other cities, vacancy rates are still low, lots of demand for housing of all types.