For properties that qualify (income limits  by census tract & no high balance), it's a better deal than FHA for various reasons. 

The neighborhood that I am looking at is one of these newer tract home type neighborhoods where the properties are, essentially, fungible.

Land Development Process- raw vacant land - entitlement process - zone changing - engineering - tentative tract maps to final construction (I understand there exist many steps in the process, would love to hear from the seasoned land developers and investors in the BP Community)2.

My father developed/owned a 5 acre tract with 18 duplexes on it.  

You can go onto my website and see our spec houses, a little more complicated than a tract house (unfortunately) We'd love to find some nice flat, affordable lots! 

Are you thinking about continuing it through the tract?

This complex sits directly across the street from a 6 acre tract of land that I am currently building 38 apartment units on.

This is exactly what I imagine retiring to one day in the (hopefully not too distant) future-beautiful home on a large tract of land. 

Even in a tract of new development the corner lot, for example might sell for a premium over the others.

If the tract is next to a city approach them with annexation.Just did a subdivision like that in the midwest.