Typically its done for open space or use for community property (ie. fire station location or other county use) and typicaly would assist in increasing tax base.  

However, this is not specific legal advice to you, just an opinion based on the circumstances described in this thread.  

Based on my experience of running properties, even if the build were to cost you as much as $600k but you could generate $125k/year, you'd be very happy with that investment. 

However, this is not specific legal advice to you, just an opinion based on the circumstances described.  

Based on rough assessment, the following is needed just to get it listed:NeedsLowMidHighRoof$7,747.00$12,580.00$26,037.00Siding$20,000.00$25,000.00$30,000.00Windows$9,000.00$12,000.00$18,000.00New Deck$8,000.00$10,000.00$12,000.00Roof Leak Repair$2,000.00$3,500.00$5,000.00Mold Mitigation$1,000.00$2,500.00$3,500.00AC Units$13,000.00$15,000.00$18,000.00Carpet Replacement$2,500.00$3,500.00$5,000.00Kitchen Remodel$5,000.00$10,000.00$20,000.00Total$68,247.00$94,080.00$137,537.00Due to lack of capital to fund these repairs, I believe the best option is to find an investor looking to flip. 

They better supply a massive amount of federal bailout funds to landlords after Trump's little act today, which  he used to buy the voting base.

I am based in NOLA and have a great property manager.

There are two options I have offered and I want to get a check on here if I am off base with my offer or if I need to push harder.

It's all relative and subject to change based on each individual person.

Down payment of $13K including reserves sounds pretty low to me . ( Based on Maryland )