If so, perhaps sitting on a serviced lot and working on your neighbours may be a better long term strategy.I too want to build - in my case a Passivhaus set of {stacked} townhouses and a 20 - 30 unit Passivhaus apartment complex - but now is not the time here in NB.Is the old doctor's house over on Gray still for sale or the 4-unit on King (close to your work)?

You're no longer easy walking distance, neighbours may/may not be student rentals.

I found out that my neighbour downstairs sold their property and on the listing it listed as 943 sq feet. 

The thing I can't comprehend is how my neighbours manage to spend 4000-5000/month on LIFE..and yet by almost all accounts I live a comparable lifestyle.

Unfortunately, the market is down because Greece wants out of the Eurozone. 

Am not an expert on this but here are possible first steps:;Dont just drive by, When you see potential candiate property, stop and ask questions from the neighbours, search the net for the last transaction on the property, visit the county office for available city records..etc.

(ex. plumbing, a leaky roof, noisy neighbour).

I'd also post no trespassing signs and talk to the neighbours. 

@Dean letfus BRRRR strategy is difficult to put on in New Zealand but is it same in neighbouring country Australia as well?

A phone call from a neighbour ranks right up there.